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The Nigeria Sovereign Investment Authority (NSIA) has awarded grants and prizes worth a combined $275,000 to innovative Nigerian firms under the fourth edition of its Prize for Innovation, aimed at supporting startups and promoting business growth.
The winners were announced at the Demo Day of the fourth edition of the NSIA Prize for Innovation, themed “Building for Impact,” held in Abuja at the weekend.
Come Again Foods emerged as the overall winner, receiving a combined prize value of $100,000, while Protein Kapital came second with $70,000 and Instant Rad Inc placed third with $50,000.
Come Again Foods produces packaged snacks using locally sourced agricultural commodities, while Protein Kapital produces protein and biofertilisers through insect farming and organic waste processing. Instant Rad Inc operates an artificial intelligence-powered teleradiology platform connecting hospitals and diagnostic centres with radiologists across Africa.
The combined prize pool comprised $220,000 from NSIA, $45,000 from Cascador and $10,000 from Wema Bank.
Other beneficiaries included Eight Medical and Uwana Energy, which received $15,000 each in Cascador cash prizes, while Sambal Enterprises, Come Again Foods and Ebees Green received $5,000 each in impact prizes. Wema Bank also awarded $4,000 each to Eight Medical, Smartel Agri Tech and Tryctor.
Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the growth of small businesses into medium-sized and large enterprises would be critical to achieving Nigeria’s ambition of building a $1 trillion economy.
He said, “The ability of small businesses to grow into medium-sized enterprises, medium-sized businesses to become large companies, and Nigerian firms to emerge as competitive players across Africa and the global economy will be critical to achieving the $1 trillion economy target.”
Oyedele said the government had a responsibility to create an enabling business environment, while entrepreneurs must convert available opportunities into sustainable businesses, employment and lasting prosperity.
He noted that many promising businesses struggled to expand due to inadequate access to financing, skills and institutional support.
To address these challenges, the minister highlighted government interventions, including the Development Bank of Nigeria, the National Credit Guarantee Company and the Nigerian Consumer Credit Corporation, designed to improve access to finance, reduce lending risks and strengthen domestic demand.
He also disclosed that the NSIA was developing an impact innovation fund in partnership with the Japan International Cooperation Agency, with British International Investment expressing interest in participating.
Earlier, the NSIA Managing Director, Aminu Umar-Sadique, said supporting entrepreneurs remained a key component of the authority’s investment strategy, alongside its focus on infrastructure investment.
He said the innovation prize was designed to help entrepreneurs strengthen their business models, attract investment and expand their operations through funding, education and strategic partnerships.
According to him, the programme attracted 6,000 applications for the fourth edition, from which 12 finalists were selected to pitch their businesses to an expert panel.
The finalists will also participate in a six-week learning programme at Lagos Business School, while eligible winners will have the opportunity to access up to $1.5 million in growth capital through Pula Xcelerator.
They will also participate in a fully funded entrepreneurial development programme at the Enterprise Development Centre, Lagos, covering business strategy, leadership, governance, financial management and investor readiness.
Meanwhile, the National Coordinator of the Presidential Initiative for Unlocking the Healthcare Value Chain, Dr Abdu Muhtar, said Nigeria’s healthcare sector offered significant opportunities for entrepreneurs to build businesses while addressing critical development challenges.
He said, “The addressable market across the healthcare value chain is worth about $20 billion, with opportunities spanning hospitals, pharmacies, clinical research, medical devices, telemedicine, digital health and logistics.”
Muhtar said about 250,000 small and medium-sized enterprises were already operating in the healthcare sector, citing figures attributed to the International Finance Corporation.
He urged entrepreneurs to explore opportunities in the sector, particularly as technological developments, including artificial intelligence, continued to transform healthcare delivery.
