NSIA Awards $277,000 to Startups, Encourages Growth

On October 25, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, encouraged Nigerian startups to expand into larger companies, emphasizing their importance for the country's economic future. He spoke at the final Demo 4.0 Day of the NSIA Prize for Innovation, where the Nigeria Sovereign Investment Authority (NSIA) awarded a total of $277,000 to seven startups.

Oyedele, represented by his special adviser on Investments, Marie Ukpere, highlighted the role of small and medium-sized enterprises (SMEs) in sustaining livelihoods and creating jobs. He stated that the success of these businesses would be crucial for Nigeria's long-term economic development.

The prize money included $220,000 from NSIA, $45,000 from Cascador, and $12,000 from Wema Bank. Come Again Foods, which produces snacks from local agricultural commodities, won the overall prize of $105,000.

Other notable winners included Protein Kapital and InstantRad Inc., receiving $70,000 and $50,000, respectively.