The Nigeria Sovereign Investment Authority (NSIA) and its partners have handed out $277,000 in cash and equity prizes to seven promising Nigerian startups. The awards were presented at the final Demo Day of the fourth edition of the NSIA Prize for Innovation, held recently in Abuja. Twelve finalists, carefully chosen from more than 6,000 applications across the country, stood before experts and pitched their ideas for building stronger businesses in manufacturing, climate and food security, and healthcare.
This event, themed “Building for Impact,” goes beyond handing out money. It forms part of a wider effort to help small and medium enterprises grow into lasting companies that create jobs and strengthen Nigeria’s economy. Officials have repeatedly stressed that these businesses form the backbone of employment and everyday economic activity. The prize pool itself came from three sources: $220,000 from the NSIA, $45,000 from Cascador, and $12,000 from Wema Bank.
From Local Farms to Packaged Snacks
Come Again Foods took the top prize. This Nigerian company turns locally grown crops into ready-to-eat packaged snacks, including popular items known as Tapiokies. By relying on agricultural produce from Nigerian farmers, the business creates demand for local commodities and reduces the need for imported packaged foods. The company received a combined package valued at $105,000, including $100,000 from the NSIA and a $5,000 Cascador Impact Prize. The funding will help the firm expand production, reach more markets, and support the farmers who supply its raw materials.
Turning Waste into Protein and Fertiliser
Protein Kapital finished in second place. This insect-farming startup uses Black Soldier Fly larvae to process organic waste into high-quality protein and biofertiliser. The company already handles around 5,000 tonnes of waste across three countries, offering a practical answer to two common African challenges: managing waste and finding affordable animal feed and soil nutrients. Protein Kapital received $70,000 from the NSIA. The award will support further growth of its operations and help more communities turn everyday waste into useful products.
Connecting Patients to Expert Care Across Africa
InstantRad Inc. claimed third place. This health technology company runs an artificial intelligence-enabled teleradiology platform that links hospitals and diagnostic centres with qualified radiologists, many of them working remotely across Africa. In places where specialists are scarce, the platform speeds up the reading of medical scans and shortens the long waits that patients often face. InstantRad Inc. walked away with $50,000 from the NSIA. The money will help the company expand its network and serve more facilities that struggle with limited radiology expertise.
Additional Support for Health, Energy and Agriculture
Several other startups also received targeted prizes that recognise their potential to improve daily life. Eight Medical, which helps people quickly reach ambulances, hospitals and emergency staff through simple channels such as WhatsApp, USSD codes, voice response systems and ordinary phone calls, received $15,000 from Cascador and $4,000 from Wema Bank. Uwana Energy, a clean energy marketplace that assists businesses in finding and installing solar systems, earned a $5,000 prize focused on innovation with practical impact.
Other recipients of smaller Cascador Impact Prizes and Wema Bank awards included Sambal Enterprises, Ebees Green, Smartel Agri Tech and Tryctor. Together these businesses show the breadth of Nigerian ingenuity, ranging from food processing and waste management to emergency response and renewable energy.
More Than Money: Training and Future Capital
The prizes form only part of the support package. Eligible winners can seek up to $1.5 million in additional growth capital through the Pula Xcelerator programme. They will also take part in a fully funded training programme at the Enterprise Development Centre in Lagos. The course covers practical topics such as business strategy, leadership, governance, financial management, market expansion and preparing to attract investors. Earlier stages of the competition already offered accelerator support to the top 200 applicants, helping them refine their ideas before the final selection.
Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of the NSIA, highlighted the quality of the solutions presented and the depth of entrepreneurial talent across Nigeria. He noted that the programme aims not only to celebrate good ideas but also to give founders the capital, skills, networks and partnerships needed to build sustainable businesses. Finance Minister Taiwo Oyedele, speaking at the event, underlined the importance of helping small companies grow into larger ones as Nigeria works toward bigger economic goals.
Read Also: Cascador Boosts 7 Nigerian Tech Startups With Over $5 Million In Funding
A Clear Growth Path for the Seven Lucky Startups
This Demo Day carries a practical message. Nigeria continues to invest in its own innovators rather than waiting for external solutions alone. The focus on manufacturing that uses local crops, climate-friendly ways of handling waste, and digital tools that improve healthcare reflects challenges familiar in many African countries. When startups receive both funding and sound business training, they stand a better chance of creating lasting jobs and serving their communities more effectively.
The seven winners now move forward with fresh resources and clearer pathways for growth. Their success stories will be watched closely by other young founders who see that careful preparation, local relevance and strong partnerships can open real doors. In a region where small businesses drive much of the daily economy, programmes like the NSIA Prize for Innovation offer a concrete example of how public institutions and private partners can work together to turn promising ideas into thriving enterprises.
