The Nigeria Sovereign Investment Authority (NSIA) has opened applications for the fourth edition of its Prize for Innovation (NPI), offering a total prize pool of $275,000 to support Nigerian startups developing solutions in manufacturing, healthcare, climate resilience and food security.
The authority said the initiative is aimed at helping promising entrepreneurs transform innovative ideas into sustainable businesses by providing financial support, training, mentorship and access to strategic partnerships.
The announcement was contained in a statement issued in Abuja on Saturday by the NSIA through its spokesperson, Joyce Onyegbula.
According to the statement, the 2026 edition of the program, tagged NPI 4.0 and themed **”Building for Impact,”** is designed to identify startups with the potential to strengthen Nigeria’s productive capacity, improve healthcare services, enhance food security and support climate resilience.
The authority said the competition has grown into one of the country’s leading entrepreneurship development programs, attracting thousands of applications from innovators across Nigeria.
Onyegbula noted that the first three editions of the initiative received more than 20,000 applications from startups operating in sectors including financial technology, agriculture, healthcare, education, transportation and logistics.
She added that entrepreneurs from all six geopolitical zones of the country participated in previous editions, demonstrating the growing strength of Nigeria’s innovation ecosystem.
“Across its first three editions, the program has attracted more than 20,000 applications from startups operating within key sectors, including fintech, agrotech, health tech, edtech, transport and logistics, among others, with participation spanning all six geopolitical zones of the country,” she said.
According to her, the increasing number of applicants reflects the determination of Nigerian entrepreneurs to solve local challenges through innovation and technology.
“The success of the program reflects the growing strength of Nigeria’s entrepreneurial ecosystem and the determination of Nigerian innovators to build solutions that improve lives, create jobs, strengthen industries and contribute to national development,” Onyegbula added.
The NSIA explained that this year’s competition carries a combined prize value of $275,000.
Out of the total amount, the authority will provide $220,000, while development partner Cascador will contribute $45,000 through its Prize for Impact. Wema Bank will provide an additional $10,000 as part of its support for entrepreneurship and innovation.
Beyond the direct cash prizes, the authority said successful startups would have access to additional opportunities capable of accelerating the growth of their businesses.
According to the statement, winners may qualify for up to $1.5 million in additional funding through the Pula Xcelerator program, designed to help startups expand their operations and commercialise their products.
The authority also disclosed that participants would have the opportunity to compete at the grand finale of Wema Bank’s Hackaholics program, where successful innovators could win a share of N100 million in equity-free grants.
Unlike conventional investment funding, equity-free grants allow entrepreneurs to access financial support without giving up ownership or shares in their businesses.
The statement further revealed that winners would participate in a fully funded entrepreneurship development program at the Enterprise Development Centre in Lagos.
During the program, participants will receive training in business strategy, leadership, corporate governance, financial management, market expansion, investor readiness and other areas considered essential for building sustainable businesses.
The Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said the authority remains committed to supporting Nigerian entrepreneurs whose innovations have the potential to address major development challenges.
According to him, many young Nigerians are developing practical solutions capable of transforming industries and improving livelihoods, but often struggle to obtain the funding and technical support needed to grow their businesses.
“Across Nigeria, entrepreneurs are building solutions with the potential to transform industries, improve livelihoods and address some of our most pressing development challenges,” Umar-Sadiq said.
“Through the NSIA Prize for Innovation, we are creating opportunities for these innovators to access the funding, training, mentorship and strategic partnerships they need to scale their ideas into sustainable businesses.”
He explained that the improvements introduced in the fourth edition of the competition demonstrate the authority’s continued commitment to helping founders build companies capable of contributing meaningfully to Nigeria’s economic development.
“The enhancements introduced in NPI 4.0 reflect our continued commitment to support founders who are leveraging innovation to shape the future of Nigeria’s economy,” he added.
Umar-Sadiq noted that previous editions of the program had supported startups working in financial inclusion, agriculture, education, technology and sustainable development.
He said beneficiaries had received not only funding but also technical assistance, mentorship and business advisory services that helped them improve their products and expand their operations.
The NSIA boss encouraged founders developing innovative products in manufacturing, healthcare, food security and climate-related sectors to submit applications, describing the programme as an opportunity to gain access to funding, expert guidance and valuable business networks.
Also speaking, Executive Director of Cascador, Trish Thomas, reaffirmed her organisation’s commitment to supporting Nigerian entrepreneurs through the partnership.
She said Cascador would provide $45,000 in non-dilutive funding through the Cascador Prize for Impact.
“As part of our commitment to supporting the growth of high-potential Nigerian ventures, we are awarding $45,000 in non-dilutive prize funding through the Cascador Prize for Impact,” Thomas said.
“Cascador is proud to partner with NSIA again in 2026 to reward ground-breaking ideas that can change communities and lives for the better.”
The Nigeria Sovereign Investment Authority was established in 2011 to manage Nigeria’s sovereign wealth fund and invest in projects that promote long-term economic growth and national development. Beyond infrastructure and investment management, the authority has increasingly expanded its support for entrepreneurship, innovation and technology-driven businesses.
Industry experts have consistently argued that startups play a vital role in creating jobs, attracting investment and developing local solutions to Nigeria’s social and economic challenges. However, many young businesses continue to face difficulties in accessing finance, business development support and experienced mentors.
Programs such as the NSIA Prize for Innovation are therefore seen as important platforms for helping entrepreneurs overcome these challenges while encouraging innovation in sectors that directly affect national development.
With applications now open for NPI 4.0, the NSIA says it hopes to discover another generation of innovative Nigerian entrepreneurs capable of building businesses that will create jobs, improve public welfare and contribute to the country’s long-term economic growth.