By Fisayo Ogunsakin with agency reports
The Nigeria Sovereign Investment Authority (NSIA) has awarded $280,000 in funding and equity support to ten high-performing startups under its third edition of the NSIA Prize for Innovation, a national competition designed to drive problem-solving technologies across healthcare, agriculture and education.
The event, held in Abuja, featured ten finalists selected from more than 5,000 applications. Startups pitched before a panel of expert judges drawn from business and technology sectors. In addition to prize money, each finalist was also selected for a fully-funded five-week training programme at Draper University in Silicon Valley, United States of America, one of the world’s top startup accelerators.
Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of the NSIA, highlighted the authority’s commitment to developing local solutions with global relevance.
“This year, we have partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain(PVAC) and Cascador to expand the opportunities for participating start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes,” he said.
D-Olivette Labs, an energy-tech company focused on converting farm and food waste into clean energy and organic fertiliser through artificial intelligence-powered bio-digesters, emerged as the overall winner. The startup received $100,000 from the NSIA as well as an additional $15,000 from the Cascador Impact Prize, bringing its total award to $115,000.
Second place went to Promise Point, a woman-led agricultural technology company that manages an automated cassava processing facility on over 1,500 hectares of farmland, working with more than 2,000 smallholder farmers. The company was awarded $70,000 by the NSIA and $15,000 by Cascador, amounting to a total prize of $85,000.
In third place was GeroCare, a health technology company offering elderly-focused care solutions. GeroCare was granted $50,000 from the NSIA and a $5,000 Healthcare Innovation Prize by the Pvac, totalling $55,000
Mediverse, a laboratory automation firm using cloud systems and Internet-of-Things solutions to improve diagnostic efficiency, was awarded $5,000 by the PVAC.
Sosocare, a health-financing platform providing low-cost insurance coverage to underserved populations, also received $5,000 from the same initiative.
FriendsnPal, an AI-powered mental health platform offering 24/7 anonymous emotional support, won the $15,000 Cascador Impact Prize
All ten finalists earned a place in a five-week, fully sponsored global immersion programme at Draper University in California. This programme includes mentorship from global technology leaders, startup strategy sessions, and investor engagement opportunities designed to help the startups scale and compete internationally.
Dr Abdu Mukhtar, National Coordinator of the Presidential Initiative for Unlocking the Healthcare Value Chain, described the partnership as a tool for unlocking private-sector-backed innovation.
“We will bring them to the forefront and secure financing to scale up their businesses to benefit citizens,” he said.
Amanda Etuk, Programme Director at Cascador, said the organisation contributed $45,000 in prize money to boost the most impactful startups from the health, agriculture and education sectors.
“We want to provide them with mentorship and support their industries with these impact funds that will propel them in the ecosystem,” she said.
The event also drew international attention. Kozaki Hitoshi, Deputy Head of Missions at the Embassy of Japan, announced a new co-investment between Japan and Nigeria involving $10 million each for a shared innovation infrastructure project in Abuja. Joseph Giblin, Economic Counsellor at the United States Embassy, reaffirmed U.S. support for Nigerian innovation.
“Seeing all these young innovators trying to solve some of the challenges in the world, especially in agriculture in Nigeria, is inspiring, and we will continue to support that,” he said.
With funding, training and global exposure, the NSIA Prize for Innovation continues to position Nigeria’s next generation of entrepreneurs for transformative impact, both locally and internationally.
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