Nigeria's sovereign wealth fund has picked its latest bets. The Nigeria Sovereign Investment Authority (NSIA) and its partners awarded $277,000 to seven startups at the demo day of the fourth NSIA Prize for Innovation, Nairametrics reports. This year's edition focused on manufacturing, climate and food security, and healthcare.
The winners
- Come Again Foods: packaged snacks such as Tapiokies made from local produce. $105,000 ($100,000 from NSIA, $5,000 from Cascador).
- Protein Kapital: black soldier fly larvae that turn organic waste into protein and fertiliser. $70,000.
- InstantRad: AI-assisted teleradiology linking hospitals with radiologists across Africa. $50,000.
- Eight Medical: ambulances and emergency care booked by WhatsApp, USSD or phone. $19,000 from Cascador and Wema Bank.
- Uwana Energy, a solar marketplace ($5,000); Tryctor, which builds tractors for smallholders ($4,000); and Smartei Agri Tech, AI-run hydroponics ($4,000).
NSIA put up $220,000, Cascador $45,000 and Wema Bank $12,000. Winners can also seek up to $1.5 million through the Pula Xcelerator and compete for N100 million in equity-free grants in Wema Bank's Hackaholics programme. Deloitte vetted the selection, and the top three and nine other finalists go on a six-week programme at Lagos Business School.
Prizes are not the point
Finance minister Taiwo Oyedele told the winners that "the true measure of their success" will be the businesses they build, not the prizes. NSIA chief executive Aminu Umar-Sadiq described five interview rounds and accelerator programmes before the final. Cascador founder Dave DeLucia said innovators need training to become investment-ready.
