The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $220,000 in funding to outstanding Nigerian tech startups.
The award, which the Nigeria Sovereign Investment Authority (NSIA) and the Government of Japan, through the Japan International Cooperation Agency (JICA), are co-launching, is to provide finance for entrepreneurs and innovators in Nigeria.
The Government of Japan is providing $14 million, which has been matched by the NSIA with another $14 million.
Over the weekend, D-Olivette Labs emerged as the top recipient in one of the categories with its innovation as developers of a smart AI-powered biodigester that converts agricultural and food waste into clean energy and organic fertilizers.
It received the grand prize of $100,000, along with the Cascador Impact Prize of $15,000, bringing its total winnings to $115,000.
The awards were announced at the NSIA Prize for Innovation (NPI) 3.0 Demo Day held in Abuja.
Ten finalists, selected from over 5,000 applicants in the healthcare, agriculture, and education sectors, pitched their transformative solutions before a panel of judges from the business and technology sectors.
The NPI initiative is designed to support early-stage Nigerian innovators addressing some of the country’s most pressing challenges.
In addition to the $220,000 combined prize pool, the NPI includes a fully funded five-week training programme at Draper University in Silicon Valley, USA.
This year, NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand rewards, including: Three $15,000 Cascador Impact Prizes and Three $5,000 PVAC Healthcare Innovation Prizes.
Promise Point, a woman-led cassava processing venture with an automated facility and a network of over 2,000 smallholder farmers, placed second.
It received $70,000 and an additional $15,000 Cascador Impact Prize, totaling $85,000.
GeroCare, a health-tech startup focused on improving elderly care in Nigeria, won third place, earning $50,000 and a $5,000 PVAC Healthcare Innovation Prize, bringing its total to $55,000.
Other notable winners include:
- Mediverse, a lab automation platform, winner of the $5,000 PVAC Healthcare Innovation Prize
- Sosocare, a low-cost health insurance provider, also received the $5,000 PVAC Prize
- FriendsnPal, an AI-powered mental health platform offering 24/7 anonymous emotional support, won the $15,000 Cascador Impact Prize
Speaking at the event, Aminu Umar-Sadiq, MD/CEO of NSIA, said the Prize for Innovation reflects NSIA’s commitment to supporting homegrown, transformative solutions.
“We have partnered with PVAC and Cascador to expand opportunities for participating startups and to further promote innovation, youth entrepreneurship, and socio-economic development,” Umar-Sadiq said.
In his remarks, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, highlighted Africa’s growing tech talent and the continent’s role in global innovation.
He commended the NSIA Prize for fostering entrepreneurship, job creation, and sustainable growth, urging stronger partnerships between inventors and investors in sectors such as healthcare, education, agriculture, and infrastructure.
Amanda Etuk, Programme Director of Cascador Nigeria, said NSIA’s vision is helping cultivate a new generation of Nigerian leaders through innovation.
Mr. Hitoshi Kozaki, Deputy Head of Mission at the Embassy of Japan, pledged his country’s support for NSIA’s initiative, saying the innovations presented were clear proof that Nigerian youth are capable of solving critical national challenges.
The NSIA Prize for Innovation (NPI) programme is a multi-year initiative designed to identify innovative solutions with the potential for transformative impact.
Its core objective is to identify, build, and finance early-stage innovative solutions to catalyse economic growth, enhance the nation’s productive capacity, and create jobs.
The objectives of NPI include recognising and rewarding Nigerian innovators and founders within the start-up ecosystem; catalysing early-stage investments for Nigerian innovators; mentoring and equipping founders with the requisite tools to improve product-market fit; connecting start-ups to potential investors; and enhancing networking and collaboration within the start-up ecosystem
Victoria Ibanga