The Nigerian Sovereign Investment Authority (NSIA) concluded its inaugural NSIA Prize for Innovation Programme (NIP) with a resounding success, as three startups emerged victorious from a pool of ten finalists.
The NSIA Prize for Innovation, a generous grant of $225,000, was designed to provide vital support to innovators, technopreneurs, and technology-driven startups across various sectors, with the aim of fostering economic growth, job creation, and positive social impact.
Money Africa, an outstanding Edtech startup based in Nigeria, walked away with the grand prize of $25,000 while Extension Africa secured the first runner-up position, earning a well-deserved reward of $17,500. LegitCar Africa claimed the second runner-up spot, garnering $12,500 in prize money.
Although other finalists who made it to the last stage were not crowned winners, they were acknowledged for their remarkable efforts and received a commendable sum of $5,000 each. Among these talented startups were Truq, Capsa, YA-LO, CreditChek, Vella, Kobo Pay, and Space Technology Solution.
Aminu Umar-Sadiq, the Chief Executive Officer of NSIA, who listed the program objectives said that it aimed to identify, nurture, and financially support early-stage innovative solutions capable of stimulating economic growth, addressing social issues, and generating employment opportunities.
“While this program awards a total of $255,000 to the winners, the true impact goes far beyond the cash prizes or the event itself. Our core strategy of attracting third-party capital will lead many of these innovators to secure funding from financiers far and wide. NSIA has demonstrated its ability to mobilize additional capital from global funding partners to address infrastructure needs across sectors,” remarked Umar-Sadiq.
Speaking at the event, Kashifu Inuwa, the Director-General of the National Information Technology Development Agency, underscored the significance of innovation as the driving force behind progress and the key to unlocking Nigeria’s vast potential as a nation.
Inuwa emphasized the need for Africa to leverage its youthful population and prioritize innovation to catch up with its global peers.
“The global innovation ecosystem is valued at over $5 trillion, with more than 1,400 unicorn startups worth over $4.5 trillion. However, in Africa, we are tapping into only 0.5 percent of this value. Last year, the ecosystem raised $626 billion in funding, yet Africa received only 3.3 percent of that amount, which equates to about 0.5 percent,” Inuwa revealed.
Meanwhile, Oluwatosin Olaseinde, the founder of MoneyAfrica, expressed delight at their remarkable achievement, acknowledging the significant impact the funds would have on the company’s expansion plans. The victory has propelled MoneyAfrica forward, providing them with a solid foundation to pursue their goals and make a lasting impact on the African continent.
