Nigeria: Nsia Unveils $220,000 Prize for Innovation

14 February 2024
Leadership (Abuja)
By Mark Itsibor

The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of the second edition of the NSIA Prize for Innovation with a combined prize value of $220,000 and an all-expense paid, five-week training at Draper University, Silicon Valley, USA.

The maiden edition of the NPI programme commenced with over 2,000 applications and a selection process, from which 25 start-ups proceeded to the accelerator phase. Following this, 10 finalists advanced to the demo day to pitch their refined solutions to a panel of seasoned entrepreneurs, innovators, and technology business leaders, the Authority said in a statement yesterday.

The first three start-ups and seven runners-up top clinched a total combined prize value of $255,000.

deriving from the success recorded in the first edition of the NPI programme.

The Authority said it has expanded the value proposition of the second edition of the programme to include an all-expense paid training programme at a top-rated university in Silicon Valley, USA, the opportunity to pitch to angel investors, secure additional investment and gain global exposure for the top 10 finalists.

NSIA's managing director, Aminu Umar-Sadiq said the prize for innovation is a clear demonstration of the Authority's support for the Nigerian tech eco-system and the unique opportunity it presents to enable innovation and ultimately improve socio-economic indicators. "With the second edition of the programme, the Authority is set to reposition home-grown talents for global relevance."

The NPI programme is a multi-year commitment of the Authority to support entrepreneurship, empower innovators, create jobs, and enable the Nigerian tech ecosystem. It is designed to encourage and support ingenuity within the digital sector and to fund new solutions that could result in transformative and scalable positive impact.

It is a business enhancement initiative to support early-stage, growth-driven solutions through education, mentorship, and financing before positioning these startups for global relevance.

The programme further validates the Authority's focus on advancing early-stage homegrown solutions within key priority sectors including financial services, agriculture, power, healthcare, education, and manufacturing among others.

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