3 innovators clinch NSIA’s $225,000 prize

Three Nigerian entrepreneurs have emerged as winners of the Nigeria Sovereign Investment Authority’s (NSIA) third edition of the Prize for Innovation (NPI), securing a combined $225,000 price to advance their trade and contribute to economic growth. The funding is targeted at advancing projects in three key sectors: education, agriculture, and health. The NPI Series 3 […]

Three Nigerian entrepreneurs have emerged as winners of the Nigeria Sovereign Investment Authority’s (NSIA) third edition of the Prize for Innovation (NPI), securing a combined $225,000 price to advance their trade and contribute to economic growth.

The funding is targeted at advancing projects in three key sectors: education, agriculture, and health.

The NPI Series 3 attracted over 5,000 entries and followed a four-stage competition process.

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Speaking at the event, Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, encouraged Nigerian youths to embrace innovation, assuring them of government support.

“The President and his team recognize that 65% of the population is under 30. By 2050, Africa will be the global growth hub. Innovation is where the future lies, and our youth must be empowered to drive it,” Edun said.

He applauded the focus areas, healthcare, education, and agriculture describing them as critical for national development.

“We need new ideas and methods, especially in agriculture. Our productivity is still low, and we must catch up with the rest of the world,” he added.

NSIA Managing Director/CEO, Mr. Aminu Umar-Sadiq, explained that beside the $225,000 investment which is largely equity-based, with minimal grant components, NSIA partners have also contributed additional $60,000 for the innovation grand prize.

“This prize is primarily an equity investment platform for NSIA to identify and fund the best three ideas. Out of the $285,000, NSIA is contributing $225,000, Cascador $45,000, and the Presidential Initiative for Unlocking the Health and Value Chain (PIVAC) is adding $15,000,” Umar-Sadiq said

Also speaking, Mr. Joseph Giblin, Economic Counselor at the U.S. Embassy in Abuja, reaffirmed US embassy’s commitment to promoting innovative ideas by Nigerian entrepreneurs, adding, “I’m impressed by the young innovators here. They’re tackling global problems, especially in agriculture and healthcare. Innovation drives progress, and we are proud to support it here in Nigeria.”