Empowering Entrepreneurs: NSIA supports Nigerian startups with $280,000 with grants

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The Nigeria Sovereign Investment Authority has awarded $280,000 to six Nigerian startups through its NSIA Prize for Innovation. The winners were announced at the final Demo Day event, where 10 selected startups pitched their innovations out of over 5,000 initial applicants.

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The top three winners shared $220,000 in cash and equity. D-Olivette Labs, developers of smart AI-powered biodigesters that convert agricultural waste into clean energy and organic fertilisers, won the top spot with a combined prize value of $115,000. Promise Point, a woman-led cassava processing solution, came second with a total prize value of $85,000. GeroCare, a health-tech startup focused on improving elderly care, took third place with a combined prize of $55,000

Other notable winners include Mediverse, a laboratory automation platform, and Sosocare, a low-cost health insurance platform, each winning $5,000 PVAC Healthcare Innovation Prizes. FriendsnPal, an AI-powered mental health platform, won the $15,000 Cascador Impact Prize.

The NSIA Prize for Innovation aims to support early-stage Nigerian innovators addressing pressing challenges. The authority has partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain and Cascador to expand opportunities for participating startups.

NSIA Managing Director and CEO Aminu Umar-Sadiq said the programme has evolved into a platform for funding, mentorship, and global exposure. Finance Minister Wale Edun emphasised the importance of innovation in driving economic growth, particularly in agriculture. The NSIA has also co-launched a $42 million innovation fund with the Japan International Cooperation Agency to support startups in health, education, and agriculture

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