The Nigeria Sovereign Investment Authority (NSIA), in partnership with Cascador and the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), has awarded $280,000 in funding to six Nigerian startups at the third edition of its NSIA Prize for Innovation (NPI), reinforcing its commitment to accelerating homegrown solutions that drive economic and social impact.
The prize, designed to support early-stage ventures with innovative, scalable ideas, attracted over 5,000 applicants. After a rigorous selection process, 10 startups were shortlisted to pitch their solutions before an audience and expert judges at the final Demo Day event held in Abuja.
D-Olivette Labs, a cleantech startup developing smart, AI-powered bio-digesters that transform food and farm waste into clean energy and organic fertilizer, emerged the overall winner. The company secured $100,000 in funding from NSIA, along with an additional $15,000 Cascador Impact Prize, bringing its total prize to $115,000.
Promise Point, a woman-led agritech company leveraging automated cassava processing across over 1,500 hectares of farmland and a network of 2,000 smallholder farmers, came second. The startup received $70,000 from NSIA and an extra $15,000 from Cascador, amounting to $85,000.
Healthtech startup GeroCare, which focuses on improving elderly care in Nigeria, claimed third place with $50,000 from NSIA and a $5,000 PVAC Healthcare Innovation Prize, totaling $55,000.
Other winners of the PVAC Healthcare Innovation Prize include Mediverse, a laboratory automation platform; Sosocare, a low-cost health insurance provider; and FriendsnPal, an AI-powered mental health platform that provides 24-hour anonymous emotional support. FriendsnPal also received a $15,000 Cascador Impact Prize.
The NSIA clarified that its awards are distributed in a 75:25 equity-to-cash ratio in exchange for a mutually agreed equity stake in each winning company. The aim is not only to offer funding but to ensure long-term support and alignment between the authority and the startups.
In addition to the cash awards, the top 10 finalists will participate in a five-week, fully funded training program at Draper University in Silicon Valley, USA, to further build their capacity and global competitiveness.
At the Demo Day event, NSIA Managing Director and CEO, Aminu Umar-Sadiq, described the initiative as a strategic step towards nurturing the country’s innovation ecosystem. He stated, “The NSIA Prize for Innovation exemplifies our commitment to nurturing homegrown solutions with the potential for transformative impact.”
Highlighting the broader vision of the programme, Umar-Sadiq noted the collaboration with PVAC and Cascador as a way to deepen sectoral impact, particularly in healthcare and entrepreneurship, while positioning Nigerian businesses for global relevance.
In his keynote address, the Federal Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the importance of financing innovation, especially within agriculture. He described the NSIA Prize as a bold step that must be backed by consistent implementation to sustain the momentum.
He encouraged Nigerian youth to remain courageous and innovative, assuring them of government support through initiatives like the NPI and public-private partnerships.
Cascador Nigeria’s Programme Director, Amanda Etuk, underscored the role of entrepreneurs in job creation, urging stakeholders to go beyond grants and focus on empowering business owners who are key drivers of the Nigerian economy.
PVAC’s National Coordinator, Dr. Abdu Mukhtar, also stressed the importance of mobilizing private sector investment to unlock growth in critical sectors such as healthcare and innovation.
The NSIA, established under the Nigeria Sovereign Wealth Act (2011), manages Nigeria’s Sovereign Wealth Fund with a mission to build long-term national savings, invest in critical infrastructure, and provide stabilization support in times of economic stress. Its Prize for Innovation is part of a multi-year strategy to foster sustainable economic development by supporting early-stage technology-driven businesses.
