The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the fourth edition of the NSIA Prize for Innovation (NPI 4.0), with Come Again Foods emerging as the overall winner and receiving a combined prize package worth US$100,000.
The winners were unveiled at the NPI 4.0 Demo Day, themed Building for Impact, where 12 finalists selected from more than 6,000 applications pitched their businesses before a panel of judges drawn from Nigeria’s business, investment and innovation ecosystems.
This year’s edition focused on startups operating in manufacturing, climate and food security, and healthcare, sectors identified by NSIA as critical to Nigeria’s economic growth, resilience and sustainable development.
Come Again Foods, a company that manufactures packaged snacks from locally sourced agricultural commodities, secured first place and received a combined prize package valued at US$100,000.
Protein Kapital, which produces protein and biofertilisers through insect farming and organic waste processing, came second and received US$70,000, while Instant Rad Inc., an AI-enabled teleradiology platform connecting hospitals and diagnostic centres with radiologists across Africa, placed third with a prize of US$50,000.
The competition offered total prizes worth US$275,000, comprising US$220,000 from NSIA, US$45,000 from Cascador and US$10,000 from Wema Bank.
Additional awards were presented to participating startups. Eight Medical and Uwana Energy received Cascador cash prizes of US$15,000 each, while Sambal Enterprises, Come Again Foods and Ebees Green received Cascador Impact Awards valued at US$5,000 each.
Eight Medical, Smartel Agri Tech and Tryctor also received Wema Bank awards of US$4,000 each.
Speaking at the event, NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the quality of innovations showcased reflected the depth of entrepreneurial talent in Nigeria.
“The quality of solutions presented at this year’s Demo Day reflects the depth of innovation and entrepreneurial talent across Nigeria.”
“Through the NSIA Prize for Innovation, we are not only recognising promising ideas; we are creating pathways for entrepreneurs to access the capital, capabilities, networks and partnerships needed to build sustainable, scalable businesses,” he said.
Umar-Sadiq added that the expanded opportunities available through NPI 4.0 underscored NSIA’s commitment to supporting innovators developing practical solutions to critical national challenges.
Beyond the cash prizes, eligible winners will have access to growth opportunities, including potential financing of up to US$1.5 million through the Pula Xcelerator programme and participation in a fully funded entrepreneurial development programme at the Enterprise Development Centre in Lagos.
NSIA said the innovation programme has attracted more than 20,000 applications across its first three editions and continues to provide funding, mentorship, training and strategic partnerships to help startups scale.
Delivering remarks earlier, Minister of Finance and Coordinating Economy, Taiwo Oyedele, represented by his Special Assistant on Investment, said the finalists had demonstrated not only an ability to identify challenges but also the capacity to build sustainable businesses around innovative solutions.
“SMEs are the backbone of our economy. They sustain millions of livelihoods, provide employment across the country and support economic activity in virtually every sector,” he said.
He noted that the government’s ambition of building a trillion-dollar economy would depend significantly on helping small businesses grow into medium-sized enterprises and eventually become globally competitive companies.
“Our mission to build a trillion-dollar economy will depend in no small measure on our ability to help small businesses become medium-sized enterprises, medium-sized enterprises become large companies, and Nigerian companies become competitive players across Africa and the world,” he said.
Oyedele said the Federal Government was addressing barriers to business growth through initiatives such as the Development Bank of Nigeria, the National Credit Guarantee Company and the Nigerian Consumer Credit Corporation, all aimed at improving access to finance and stimulating economic activity.
He also highlighted the government’s support for entrepreneurship through venture capital initiatives and efforts to attract institutional investment into promising Nigerian businesses.
According to him, access to finance alone is not sufficient for business success, stressing the importance of programmes such as the NSIA Prize for Innovation in providing entrepreneurs with platforms to validate ideas, demonstrate commercial viability and connect with investors.
He commended NSIA and its partners, including Cascador, Pula and Wema Bank, for their contributions to advancing entrepreneurship and innovation in Nigeria.
Addressing the finalists, Oyedele urged them to remain focused on building sustainable enterprises beyond the competition.
“The real measure of your success will not be the prize you receive today. It will be the businesses you go on to build afterwards,” he said.
Also speaking, National Coordinator, Presidential Initiative for Unlocking the Healthcare Value Chains (PVAC), Dr Abdu Umar-Sadiq congratulated the 12 finalists for progressing through a rigorous selection process involving multiple rounds of evaluation, accelerator programmes and demo sessions.
“From over 6,000 applications and several rounds of assessment, here you are today. You are all winners,” he said.
He said NSIA and its partners were committed to supporting entrepreneurs on their journey from startup stage to scale.
“The NSIA, alongside our partners, Wema Bank, Cascador and Pula, are here to support your journey from ideas to first cash flows and hopefully to unicorn status,” Umar-Sadiq added.
Dr Abdu Mukhtar, called on entrepreneurs to explore opportunities within Nigeria’s healthcare sector while focusing on both impact and profitability.
“To all the entrepreneurs here and across the country, you can still achieve these impact targets and make money because making money is the essence of business,” he said.
Mukhtar said Nigeria’s healthcare value chain presents an estimated market opportunity of about US$20 billion, with opportunities spanning pharmaceutical manufacturing, medical devices, telemedicine, digital health, logistics, clinical care and research.
“The opportunities are endless. I want you to see every challenge as an opportunity and every constraint as a call to develop innovative solutions,” he said.
He reaffirmed PVAC’s readiness to work with entrepreneurs and healthcare businesses seeking to expand operations and improve access to quality, affordable healthcare across the country.
The event underscored the growing role of innovation-driven enterprises in addressing Nigeria’s development challenges and highlighted the importance of collaboration among government, investors and the private sector in supporting entrepreneurial growth.
