The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $220,000 in cash prizes to some of Nigeria’s most promising startups during the third edition of its flagship innovation programme, the NSIA Prize for Innovation (NPI 3.0). The event, which took place in Abuja, showcased the final 10 startups selected from over 5,000 applications received nationwide.
The Demo Day attracted key stakeholders from Nigeria’s tech and finance sectors, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was present to witness the innovations presented. The event highlighted Nigeria’s growing startup ecosystem and the country’s potential to solve critical national problems through homegrown technology-driven solutions.
At the top of the list was D-Olivette Labs, an eco-technology company focused on clean energy. The startup emerged as the overall winner with its artificial intelligence-powered smart bio-digesters. These machines convert agricultural and food waste into clean energy and organic fertilizer, addressing both energy and environmental challenges. D-Olivette was awarded $100,000 by NSIA and also received a $15,000 Cascador Impact Prize, bringing its total winnings to $115,000.
Promise Point, a woman-led agricultural processing startup, took second place. The company runs an automated cassava processing facility that operates across more than 1,500 hectares of farmland and partners with over 2,000 smallholder farmers. Promise Point received $70,000 from NSIA and an additional $15,000 Cascador Impact Prize, bringing its total prize to $85,000.
In third place was GeroCare, a digital health platform focused on elderly care. The platform connects the elderly with regular medical support and family engagement through technology. GeroCare was awarded $50,000 from NSIA and a $5,000 prize from the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), totaling $55,000.
Other notable mentions included Mediverse, a laboratory automation solution, and Sosocare, a low-cost health insurance provider. Both were awarded $5,000 PVAC Healthcare Innovation Prizes.
FriendsnPal, a predictive AI-powered platform addressing mental health needs, received a $15,000 Cascador Impact Prize for its unique approach to supporting mental wellness among Nigerians.
All ten finalists, including these top winners, will also benefit from a fully-funded five-week training programme at Draper University in Silicon Valley, USA. This international exposure is expected to improve their entrepreneurial skills and give them access to global innovation networks.
Speaking at the event, NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, described the NPI as part of the Authority’s strategy to support economic diversification and promote innovation in Nigeria. “The NSIA Prize for Innovation exemplifies our commitment to nurturing homegrown solutions with the potential for transformative impact,” he stated.
He also noted that NSIA’s partnerships with the Presidential Initiative for Unlocking the Healthcare Value Chain (PIVAC) and the Cascador entrepreneurship accelerator allowed for greater support, especially in the healthcare and social impact sectors. These new partnerships also enabled the expansion of prize categories and increased the number of startups recognised.
According to NSIA, the NPI competition involves several stages, starting with an open call for online applications. After the initial selection, shortlisted startups go through an accelerator programme that includes virtual and physical bootcamps, followed by a mini demo day. The final 10 startups are then invited to present before a panel of judges on the main Demo Day. The final phase includes the overseas training in the United States.
The NSIA emphasized that beyond cash prizes, the NPI is designed to help startups grow, scale, and make meaningful contributions to the Nigerian economy. The competition aims to support entrepreneurship, create jobs, and move the country toward a more knowledge-driven economy.
With the success of NPI 3.0, NSIA reaffirmed its commitment to supporting young Nigerian innovators and creating platforms that enable them to thrive locally and globally. The Authority noted that innovation and entrepreneurship remain key drivers of Nigeria’s long-term development and economic resilience.
