The Nigeria Sovereign Investment Authority (NSIA) has officially opened applications for the fourth edition of its Prize for Innovation, NPI 4.0. This initiative aims to bolster Nigerian startups by providing a substantial combined prize pool of $275,000.
The programme is designed to identify and support high-potential Nigerian startups through a comprehensive package that includes funding, entrepreneurial training, mentorship, and strategic partnerships. The NSIA spokesperson, Joyce Onyegbula, stated that NPI 4.0, themed “Building for Impact,” targets businesses capable of strengthening productive capacity, improving healthcare delivery, enhancing food security, and advancing climate resilience.
The total prize value of $275,000 for this year’s edition is comprised of $220,000 directly from the NSIA, $45,000 from Cascador, and $10,000 from Wema Bank. This funding is part of a broader effort to nurture Nigeria’s entrepreneurial ecosystem, which has seen over 20,000 applications across the first three editions from various sectors including fintech, aggrotech, health tech, and edtech.
Beyond the initial cash awards, winners will have the opportunity to secure up to $1.5 million in additional funding through the Pula Xcelerator programme, aimed at supporting business expansion. Furthermore, successful participants will qualify to compete at the grand finale of the Wema Bank Hackaholics programme for a share of N100 million in equity-free grants.
Winners will also benefit from a fully funded programme at the Enterprise Development Centre in Lagos. This training will cover critical areas such as business strategy, leadership, governance, financial management, market expansion, and investor readiness, preparing them for sustainable growth.
Aminu Umar-Sadiq, the Managing Director and Chief Executive Officer of the NSIA, reiterated the authority’s commitment to helping entrepreneurs transform innovative ideas into sustainable businesses. He emphasized that the enhancements in NPI 4.0 reflect a continued dedication to supporting founders who leverage innovation to shape Nigeria’s economic future.
Trish Thomas, Executive Director of Cascador, confirmed that the organization would provide $45,000 in non-dilutive funding through the Cascador Prize for Impact. She expressed pride in partnering with NSIA again in 2026 to reward groundbreaking ideas that can positively impact communities and lives.
In August 2025, the third edition of the NSIA Prize for Innovation awarded a total of $280,000 in cash and equity to promising Nigerian startups, highlighting the programme’s consistent support for innovation.
