🇳🇬NigeriaWest Africa
NSIA offers $275,000 innovation prize for Nigerian startups
via Punch Nigeria3 min read
The Nigeria Sovereign Investment Authority has launched the fourth edition of its Prize for Innovation, NPI 4.0, offering a total prize pool of $275,000 to support Nigerian startups. The initiative aims to identify and assist high-potential businesses developing solutions in manufacturing, climate and food security, and healthcare. NSIA spokesperson Joyce Onyegbula stated that the program, themed “Building for Impact,” focuses on strengthening productive capacity, improving healthcare, enhancing food security, and advancing climate resilience. The program has attracted over 20,000 applications in its first three editions from various sectors. This year's prize money includes $220,000 from NSIA, $45,000 from Cascador, and $10,000 from Wema Bank. Winners can also secure up to $1.5 million in additional funding through the Pula Xcelerator program and compete for N100 million in equity-free grants at the Wema Bank Hackaholics program. Additionally, winners will participate in a fully funded program at the Enterprise Development Centre in Lagos for training in business strategy, leadership, governance, financial management, market expansion, and investor readiness. Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of the NSIA, emphasized the authority's commitment to helping entrepreneurs transform innovative ideas into sustainable businesses. Executive Director of Cascador, Trish Thomas, confirmed their contribution of $45,000 in non-dilutive funding through the Cas
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