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The Nigeria Sovereign Investment Authority (NSIA) has awarded 10 early-stage Nigerian innovators a total of $220,000 in funding at the third edition of its flagship NSIA Prize for Innovation (NPI 3.0), held weekend in Abuja.
The prize, now in its third year, recognises transformative and homegrown solutions to some of Nigeria’s most pressing challenges across sectors, including healthcare, education and agriculture.
The winning entrepreneurs were selected from more than 5,000 applicants who entered the competition, and finally presented their transformative solutions to an expert panel of judges from business and technology ecosystems at the demo day event.
This year, in addition to the combined prize pool of $220,000 in equity and grant funding, and a five-week fully funded training programme at Draper University, Silicon Valley, USA , NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups, with the Cascador Impact Prize of $15,000 each for three start ups and the $5,000 PVAC Healthcare Innovation Prize also for another three start ups within the top ten.
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Following an intense selection process, D-Olivette Labs, developers of smart AI powered bio-digesters that convert farm and food waste into clean energy and organics fertilizers, clinched the top spot with a combined prize value of $100,000 from NSIA as well as a Cascador Impact prize of $15,000, bringing its total combined prize value to $115,000.
Promise Point, a woman-led cassava processing solution with a fully-automated facility on over 1,500 hectares of owned farmland and a network of over 2,000 small holder farmers within its value chain, came second position with a prize value of $70,000 and the Cascador Impact Prize of $15,000 bringing its total combined prize value to $85,000.
GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria, finished third with a combined prize of $50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing total winnings to $55,000.
Additionally, Mediverse – a Nigerian-built laboratory automation platform that combines a cloud Laboratory Information Management System, an electronic Lab Notebook and a small onprem IoT application to provide a pioneer Level 2 lab automation software – won the $5,000 PVAC Healthcare innovation prize.
Sosocare, a low-cost health insurance platform that aims to further unlock access to optimal healthcare through access to health insurance for Nigerians, also won $5,000 PVAC Healthcare Innovation Prize each.
FriendsnPal, Africa’s first predictive AI powered mental health platform that delivers 24-hour anonymous emotional support, also won the $15,000 Cascador Impact Prize.
Aminu Umar-Sadiq, NSIA MD and CEO, said the prize reflects the Authority’s commitment to investing not just in infrastructure or industries but in people and ideas that can generate long-term value for the country.
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“This is more than a prize—it is a platform,” Umar-Sadiq told the audience.
“We’re building structures that ensure Nigerian innovators have access to funding, mentorship, and networks that help transform bold ideas into scalable, impactful businesses.”
He said the Authority’s vision is to support early-stage entrepreneurs and derisk the startup journey by plugging them into systems that support growth, resilience, and responsible scaling. Congratulating the winners and finalists, he credited partners like Cascador and PVAC for helping shape the prize into a long-term accelerator of talent and innovation.
Amanda Etuk, programme director at Cascador Nigeria, echoed the sentiment in her remarks, calling the 10 finalists “visionary solutions to some of Nigeria’s most pressing challenges.”
She praised the NSIA for its bold commitment to creating a pipeline of founders whose businesses are not only viable but grounded in social and economic impact.
“These are not just enterprises,” Etuk said. “We’re not just investing in companies—we’re investing in the future of possibilities.”
Etuk said Cascador’s model of pairing entrepreneurs with expert mentorship, personal leadership development, and strategic guidance had been fully brought to life through the partnership with the NSIA. She also congratulated the winners on reaching the final stage and urged them to see the prize not as the finish line, but as a launchpad.
Among the finalists were startups tackling real-world challenges with tailored solutions: a neonatal device designed for off-grid clinics, a voice-first learning app for rural education, a platform connecting smallholder farmers with urban supply chains, and a digital tool improving access to maternal healthcare.
Wale Edun, minister of finance and coordinating minister for the economy, urged the entrepreneurs to remain focused, committed, and resilient beyond Demo Day.
“You have your ideas, and you have your product—but the key is implementation,” Edun said. “You don’t start a programme for one or two years, skip a year, and return. The effort is to sustain—because it’s all about implementation.”
He emphasised that innovation must be tied to meaningful outcomes in sectors like agriculture, education, and healthcare. Edun said such initiatives are essential for empowering a generation of Nigerians who will drive the future economy and deliver local solutions with global standards.
NPI is a phased competition broken into: pre-selection stage, accelerator stage, demo day; and post demo day stage.
It has evolved into a national platform for spotlighting Nigeria’s entrepreneurial talent. More than just funding, the prize gives startups access to mentorship, international exposure, and a clear path to institutional support. Winners will also attend a fully-funded global immersion programme in Silicon Valley, designed to connect them with global mentors and investors.
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Tunde Adeyemi, a PHD researcher at Lagos State University and co-founder D- Olivette labs – the top prize winner -, said the recognition was deeply personal, connecting both his academic journey and creative identity.
“This win means everything to me—it’s the first time I truly feel recognised not just as a scientist, but as an innovator whose work can actually change lives,” he told BusinessDay.
Source: Businessday.ng | Continue to Full Story…
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