The Nigeria Sovereign Investment Authority (NSIA) has opened applications for the fourth edition of its NSIA Prize for Innovation (NPI 4.0), offering $275,000 in grant funding to support high-potential Nigerian startups developing innovative solutions in key sectors of the economy. The initiative is designed to accelerate entrepreneurship, strengthen innovation, and help startups scale into commercially successful businesses.
The programme targets startups operating in manufacturing, healthcare, and climate & food security. three sectors considered critical to Nigeria’s long-term economic development. Beyond grant funding, selected startups will receive entrepreneurial training, mentorship, investor exposure, and business development support to improve their growth prospects.
The $275,000 prize pool comprises:
- $220,000 under the NSIA Prize for Innovation.
- $45,000 through the Cascador Prize for Impact.
- $10,000 as the Wema Bank Enterprise Award.
According to NSIA Managing Director and Chief Executive Officer Aminu Umar-Sadiq, the programme seeks to identify and support entrepreneurs building innovative solutions capable of transforming industries, creating jobs, and addressing some of Nigeria’s most pressing development challenges. He said the enhanced fourth edition reflects NSIA’s continued commitment to nurturing innovation-driven enterprises and strengthening the country’s startup ecosystem.
As part of NPI 4.0, participants will also undergo a fully sponsored accelerator programme delivered in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University. The training will equip founders with practical skills in business strategy, product development, fundraising, and market expansion while providing access to experienced mentors and industry experts.
In addition to the grant funding, qualifying startups will have the opportunity to secure between $500,000 and $1.5 million in follow-on financing through the Pula Xcelerator programme. Finalists may also earn a place in the national finals of Wema Bank’s Hackaholics, where they can compete for more than ₦100 million in equity-free grants.
To be eligible, startups must have at least one Nigerian founder, have operated for a minimum of six months, possess a minimum viable product (MVP), and be seeking seed-stage funding. The programme is aimed at early-stage ventures with strong growth potential and measurable social or economic impact.
Industry observers say the initiative reinforces Nigeria’s growing focus on innovation-led economic development by improving access to early-stage capital and business support. With funding often cited as one of the biggest obstacles facing startups, programmes such as NPI 4.0 are expected to help entrepreneurs commercialise innovative ideas, attract investment, and contribute to job creation and economic diversification.
