By: Goodluck E. Adubazi, Abuja.
The Nigeria Sovereign Investment Authority (NSIA) has awarded grants to Nigerian innovators under its fourth edition of the NSIA Prize for Innovation (NPI) Demo Day, reaffirming the critical role of small and medium-sized enterprises (SMEs) in job creation and economic growth.
Speaking at the event, held on Saturday, October 24, 2026, at the Abuja Continental Hotel, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said supporting entrepreneurs remained a fundamental component of the authority’s investment strategy.
The NPI 4.0, themed “Building for Impact,” showcased 12 finalists selected from approximately 6,000 applications submitted for the competition.
Umar-Sadiq stressed that SMEs were essential to Nigeria’s economic development, noting that their growth was directly linked to employment generation and increased economic activity.
“Without SMEs, you have no job creation. Without SMEs, you are unable to actually grow economically,” he said.
He explained that NSIA’s support for entrepreneurs extended beyond infrastructure investment to include initiatives such as the Fund for Agricultural Finance in Nigeria, the Development Bank of Nigeria and the NSIA Prize for Innovation.
According to him, the programme provides promising Nigerian innovators with education, equity and exposure to help them refine their ideas, strengthen their businesses and scale their operations.
Umar-Sadiq said the authority focused on healthcare, manufacturing and food systems in the fourth edition to encourage innovations capable of creating jobs and achieving sustainable growth.
He added that the programme had expanded over the past four years in terms of prize money, strategic partnerships and support for entrepreneurs.
The NSIA chief executive disclosed that the programme offered accelerator opportunities to the top 200 applicants, while the 12 finalists would also participate in a six-week learning programme at Lagos Business School after the Demo Day.
He identified Wema Bank, Pula and Cascador as strategic partners providing additional prizes and support to selected finalists.
On measuring the programme’s impact, Umar-Sadiq said NSIA would work closely with beneficiary companies to strengthen their business models, improve corporate governance and expand demand for their products.
He described the investment as the beginning of a longer journey towards building successful Nigerian enterprises capable of achieving significant growth.
The NSIA launched the Prize for Innovation in 2022 to identify and support innovative Nigerian businesses with the potential to create jobs, address economic challenges and contribute to national development.
At the fourth edition, Come Again Foods emerged as the first-prize winner, receiving $100,000, while Protein Kapital secured the second position with $70,000. Instant Rad placed third, receiving $50,000.
Other finalists recognised under the programme included Eight Medicals, Frotics, Plural Health, Ebees Green, Tryctor, Sambal Enterprise, Evet Africa and Unwana Energy.
The initiative is designed to strengthen Nigeria’s innovation ecosystem by connecting entrepreneurs with funding, business education and strategic partnerships to help promising enterprises grow into sustainable businesses.
