Abuja: The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the third edition of the NSIA Prize for Innovation (NPI 3.0). The winners were revealed in a statement by Joyce Onyegbula, Head of Corporate Communications at NSIA, following an intense pitch session at the recent NPI 3.0 Demo Day in Abuja.
According to News Agency of Nigeria, Onyegbula stated that the top three finalists for this year would receive a total prize value of $220,000, awarded through a combination of cash and equity investment. The finalists were selected from over 5,000 applicants in the fields of healthcare, agriculture, and education, and presented their transformative solutions to a panel of expert judges from business and technology ecosystems.
The NPI is an initiative aimed at supporting early-stage Nigerian innovators who are developing solutions to address some of the country’s most pressing challenges. The initiative reflects NSIA’s commitment to boost Nigeria’s technology ecosystem by identifying and rewarding innovators, providing tools for scaling, connecting start-ups with investors, and fostering a community of technology entrepreneurs.
NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups. Three start-ups from the top 10 will be awarded the Cascador Impact Prize of $15,000 each, and a $5,000 PVAC Healthcare Innovation Prize will also be awarded to three start-ups within the top 10. Additionally, the top 10 finalists will participate in a five-week, all-expenses-paid training program at Draper University in Silicon Valley, USA, for mentorship and networking opportunities.
D-Olivette Labs, developers of AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilizers, won first place with a prize value of $100,000 from NSIA and an additional $15,000 Cascador Impact prize, totaling $115,000. Promise Point, a woman-led cassava processing solution, secured second place with a prize of $70,000 from NSIA and a $15,000 Cascador Impact Prize, totaling $85,000. GeroCare, focused on transforming elderly care in Nigeria, placed third with a combined prize of $50,000 from NSIA and a $5,000 PVAC Healthcare Innovation Prize, totaling $55,000.
Other notable winners include Mediverse, a laboratory automation platform, and Sosocare, a low-cost health insurance platform, each receiving a $5,000 PVAC Healthcare Innovation Prize. FriendsnPal, Africa’s first predictive AI-powered mental health platform, won a $15,000 Cascador Impact Prize.
Aminu Umar-Sadiq, Managing Director/CEO of NSIA, emphasized the NPI’s commitment to nurturing homegrown solutions with transformative impacts. Dr. Abdu Mukhtar, National Coordinator of PVAC, highlighted the partnership with NSIA to mobilize the private sector in identifying innovative healthcare solutions. Additionally, Amanda Etuk, Programme Director at Cascador, and Mr. Kozaki Hitoshi, Deputy Head of Missions at the Embassy of Japan, expressed their support for empowering entrepreneurs and developing Nigeria’s startup ecosystem through joint funding and mentorship programs. Mr. Joseph Giblin, Economic Counsellor at the U.S. Embassy, reaffirmed the U.S. Government’s commitment to supporting innovation in Nigeria.