NSIA OFFERS $275,000 INNOVATION PRIZE FOR NIGERIAN STARTUPS

The Nigeria Sovereign Investment Authority (NSIA) has launched a $275,000 innovation prize aimed at supporting promising Nigerian startups and fostering technological solutions to national challenges.

The prize, announced at a startup ecosystem event in Lagos, will reward innovative ideas in key sectors including fintech, agritech, healthtech, and climate solutions. NSIA Managing Director, Mr. Aminu Umar-Sadiq, described the initiative as part of the authority’s commitment to nurturing homegrown entrepreneurship and driving economic diversification.

“We believe in the power of Nigerian innovation to solve real problems. This prize is designed to identify and scale transformative ideas that can create jobs and impact lives,” Umar-Sadiq said. Eligible startups will undergo a rigorous selection process, with winners receiving funding, mentorship, and market access opportunities.

The move has been welcomed by the startup community, which has long called for more institutional support to bridge the funding gap in early-stage ventures. Applications are expected to open soon, with a focus on scalable and sustainable business models.

NSIA’s initiative aligns with broader government efforts to position Nigeria as a hub for innovation and attract more investment into the technology ecosystem.