The Nigeria Sovereign Investment Authority (NSIA) has opened a pathway for Nigerian startups to access up to $1.5 million in growth capital as part of efforts to help innovative businesses expand their operations attract investment and create jobs.
The funding opportunity to be accessed through the Pula Xcelerator forms part of the expanded support package under the fourth edition of the NSIA Prize for Innovation (NPI 4.0) which has awarded a combined $275000 in prizes to outstanding Nigerian startups.
At the centre of the competition Come Again Foods a Nigerian company that produces packaged snacks from locally sourced agricultural products emerged as the overall winner securing a combined prize worth $100000.
Protein Kapital which produces protein and biofertilisers by using insects to process organic waste came second with a prize package worth $70000 while Instant Rad Inc. an artificial intelligence-powered platform that connects hospitals and diagnostic centres with radiologists across Africa placed third with $50000.
The NSIA said the additional growth capital opportunity alongside business development training and access to investors is intended to help promising businesses move beyond winning competitions to building stronger companies capable of expanding across Nigeria and other markets.
Under the programme eligible winners will also participate in a fully funded entrepreneurial development programme at the Enterprise Development Centre (EDC) Lagos.
The training will cover business planning leadership corporate governance financial management market expansion and preparation for attracting investors.
The fourth edition of the competition themed Building for Impact attracted about 6000 applications from which 12 startups were selected to present their businesses before a panel of experts drawn from Nigeria’s business investment and innovation sectors.
The competition concentrated on manufacturing climate and food security and healthcare reflecting the NSIA’s interest in supporting businesses that can address major challenges while contributing to economic growth.
The combined $275000 prize money comprised $220000 provided by the NSIA $45000 from Cascador and $10000 from Wema Bank.
Beyond the three leading companies Eight Medical and Uwana Energy received $15000 each in Cascador cash prizes.
Sambal Enterprises Come Again Foods and Ebees Green also received $5000 each under Cascador’s impact awards while Eight Medical Smartel AgriTech and Ryctor secured $4000 each from Wema Bank.
Speaking at the Demo Day the Managing Director and Chief Executive Officer of NSIA Aminu Umar-Sadiq said the quality of the businesses presented showed that Nigeria had a growing pool of entrepreneurs capable of developing practical solutions to economic and social problems.
He said the authority was interested in helping innovators build businesses that could survive attract investment and expand beyond their initial markets.
‘Through the NSIA Prize for Innovation we are not only recognising promising ideas; we are creating pathways for entrepreneurs to access the capital capabilities networks and partnerships needed to build sustainable scalable businesses’ Umar-Sadiq said.
He said the expanded opportunities under the latest edition were designed to give participating businesses more than financial rewards by providing the resources and professional support required to grow.
‘The evolution of NPI 4.0 and the expanded opportunities created through our partners reinforce our commitment to supporting Nigerian innovators developing practical solutions to critical challenges’ he said.
Umar-Sadiq congratulated the winners and finalists expressing the expectation that their businesses would grow employ more Nigerians and deliver economic and social benefits.
The latest edition builds on the NSIA’s efforts to use innovation funding and business development support to encourage entrepreneurship across the country.
According to the authority the first three editions of the programme attracted more than 20000 applications from startups across Nigeria’s six geopolitical zones.
The participating businesses operated in different sectors including financial technology agriculture healthcare education transportation and logistics.
Through the programme the NSIA provides funding technical assistance mentorship business training and connections with strategic partners to help entrepreneurs improve their business models and prepare for investment.
The fourth edition introduced a more focused approach by concentrating on manufacturing climate and food security and healthcare sectors considered important to strengthening Nigeria’s productive capacity improving livelihoods and creating employment opportunities.
The authority said the programme was designed to take participating businesses through several stages rather than simply reward winners at a pitching event.
These include application and screening an accelerator programme a preliminary pitching exercise the final Demo Day and post-competition support.
During the accelerator stage selected businesses receive intensive training and guidance to improve their products business plans and ability to attract investors.
The shortlisted companies subsequently present their solutions at the Mini Demo Day before the final contestants pitch to an expert panel.
After the competition winners and eligible finalists can proceed to further training mentorship investor engagement and funding opportunities through the NSIA and its partners.
The authority said the approach was intended to help Nigerian entrepreneurs turn promising ideas into established businesses capable of operating profitably expanding their reach and contributing to the country’s long-term economic development.