The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $280,000 to promising Nigerian startups at the grand finale of the third edition of its NSIA Prize for Innovation, also known as NPI 3.0.
The Demo Day, held in Abuja on Saturday, brought together public and private sector players, international partners, and young entrepreneurs to celebrate innovation and support the country’s startup ecosystem.
D-Olivett Labs emerged as the overall winner of the competition, taking home $100,000 in equity and grant funding. The company is working on converting agricultural waste into energy and fertiliser—an idea the organisers described as having strong environmental and economic impact.
Promise Point won the second-place prize of $75,000 for its innovation focused on transforming cassava and providing education services, while Gerocare, a healthcare startup offering medical services for elderly Nigerians, won $50,000 in third place.
In total, the top three startups shared $220,000 in equity and cash awards, split in a 75:25 ratio, based on agreed equity terms with the NSIA and its investment partners.
Seven other finalists were not left out. They were awarded fully-funded placements at a five-week intensive startup bootcamp at Draper University in Silicon Valley, United States, giving them the opportunity to access international mentorship and global networks.
Other special prizes included the $45,000 Cascador Impact Prize and a $15,000 Healthcare Innovation Prize under the Presidential Initiative for Unlocking the Healthcare Value Chain.
NSIA’s Managing Director and Chief Executive Officer, Mr Aminu Umar-Sadiq, said the NPI programme had grown beyond a regular cash prize initiative into a long-term platform that empowers Nigerian youth through funding, education, and international exposure.
“This is a proud moment for the NSIA. We now offer more than just money—we offer mentorship, networks, and real opportunities for startups to grow,” Umar-Sadiq said.
He also announced that the NSIA, in partnership with the Japan International Cooperation Agency (JICA), has launched a $42 million innovation fund to support startups in healthcare, education, and agriculture sectors.
So far, $28 million has been committed to the fund, with $14 million already provided by the Japanese government through its embassy in Nigeria. The goal is to reach $42 million in capital, combining equity investments and grants for Nigerian startups.
“This innovation fund is a direct outcome of the success we’ve seen through this programme. It will ensure long-term, local currency capital is available to help brilliant ideas grow,” he added.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who was also present at the event, described the young entrepreneurs as the key drivers of Nigeria’s future economy.
He pointed out that with 65 per cent of Nigeria’s population below the age of 30, the youth must be supported to create the future through innovation and hard work.
“You are the future. Agriculture, technology, healthcare—these sectors need fresh thinking. We’re already laying the foundation with infrastructure like the 90,000km fibre optic cable and financing support for women entrepreneurs,” Edun said.
He urged the young innovators not to give up on their dreams, stressing that government is now moving from planning to real-time implementation, especially with the introduction of a new financing system.
Other dignitaries who spoke at the event include Amanda Etuk, Programme Director at Cascador Nigeria, who praised NSIA for investing in impact-driven founders; Dr Abdu Mukhtar, National Coordinator of PVAC, who emphasised the need for more private capital in healthcare innovation; and Mr Kozaki Hitoshi, Deputy Head of Mission at the Japanese Embassy, who reaffirmed Japan’s commitment to supporting Nigeria’s startup ecosystem.
The NSIA Prize for Innovation was launched to identify, nurture, and support Nigeria’s brightest entrepreneurs in building scalable and impactful businesses that can compete on a global level.
