By Oluwakemi KindnessÂ
The Nigeria Sovereign Investment Authority (NSIA) has launched the fourth edition of its Prize for Innovation (NPI 4.0), unveiling a $275,000 prize pool and access to up to $1.5 million in growth funding to support high-potential Nigerian startups.
The initiative, themed “Building for Impact,” is designed to help innovative businesses scale through grant funding, entrepreneurial training, mentorship, investor exposure and strategic partnerships.
The programme targets startups developing solutions in manufacturing, climate and food security, and healthcare sectors considered critical to driving economic growth, strengthening local production and improving livelihoods.
NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, in a statement on saturday says Nigerian entrepreneurs are creating transformative solutions capable of addressing some of the country’s most pressing challenges.
“Through the NSIA Prize for Innovation, we are creating opportunities for innovators to access the funding, training, mentorship and strategic partnerships they need to scale their ideas into sustainable businesses,” he said.
Umar-Sadiq notes that the expanded fourth edition reflects NSIA’s commitment to supporting founders using innovation to shape the future of Nigeria’s economy.
The statement signed by Joyce Onyegbula, NSIA spokesperson, the programme has become one of Nigeria’s leading entrepreneurship platforms, attracting more than 20,000 applications from startups across the six geopolitical zones since its inception.
This year’s edition features an expanded funding package, including $220,000 from NSIA, $45,000 from Cascador, and $10,000 from Wema Bank.
Beyond the cash prizes, winners will have the opportunity to access up to $1.5 million in growth funding through the Pula Xcelerator and compete for a share of ₦100 million in equity-free grants at the Wema Bank Hackaholics grand finale.
Successful participants will also attend a fully funded entrepreneurship programme at the Enterprise Development Centre (EDC), Lagos, where they will receive intensive training in business strategy, leadership, governance, financial management, market expansion and investor readiness.
Executive Director of Cascador, Trish Thomas, said the organisation’s $45,000 Cascador Prize for Impact will support startups building technology-driven solutions with measurable social impact.
Reflecting on the programme’s achievements, Umar-Sadiq said previous editions have enabled promising startups to strengthen their business models, expand operations and create lasting economic and social value through funding, mentorship and technical support.
He encouraged founders developing innovative products and technologies in the priority sectors to apply, describing the programme as a launchpad for building resilient, high-growth businesses capable of transforming Nigeria’s economy.
