NSIA Prize for Innovation (NPI) 2024 is sponsored by the Nigeria Sovereign Investment Authority (NSIA) to bolster innovation in Nigeria’s digital ecosystem, and support homegrown solutions that can drive socio-economic development. NPI is designed to encourage and support ingenuity within the digital ecosystem and fund early-stage, growth-driven solutions, to drive transformative economic growth, enhancing the nation’s productive capacity, and creating jobs.
NPI is poised to identify, build, and channel the country’s latent potential in innovation and technology to catalyse economic growth, enhance the nation’s productive capacity, create jobs, and optimise resource sustainability. Through the NSIA Prize for Innovation (NPI), NSIA seeks to promote and support ingenuity in the digital sector, providing funding for innovations that have the potential to deliver cost-effective, scalable, and transformative positive impacts.
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The programme is expected to catalyse the growth and development of the Nigerian technology ecosystem by identifying budding tech entrepreneurs, enhancing their capabilities, and providing a platform to showcase and scale their digital solutions on a global scale. The programme will focus on technology-enabled startups in the following sectors:
- Financial Services,
- Agriculture,
- Health,
- Education,
- Manufacturing,
- Logistics & E-mobility,
- E-commerce & Marketplaces, and
- Climate
Programme Stages
- Pre-selection Stage:Â Innovators submit their applications through the application portal to provide details regarding their digital products/services and business models.
- Accelerator Stage:Â The top 100 finalists will participate in a one-month virtual training, followed by an in-person bootcamp for the top 25 finalists. A mini demo day will be held to select the top 10 finalists that will proceed to the demo day.
- Demo Day:Â Each of the 10 finalists will be allotted timeslot to present their pitch to the judges. The judging panel will review the submission and rank the winners from 1st to 10th. The event will be attended by a combination of local and foreign technology industry experts and investors.
- Post Demo Day:Â The top 10 finalists will participate in an all expense paid, 5-weeks in-person training programme at a top-rated US university in Silicon Valley and also have an opportunity to pitch to angel investors to secure additional funding and obtain global exposure!
Location:
 Online, Nigeria, United States
 Benefits
- 1st : Equity $75,000 + Cash $25,000 = Total first prize $100,000
- 2nd : Equity $52,000 + Cash $17,500 = Total second prize $70,000
- 3rd : Equity $37,000 + Cash $12,500 = Total third prize $50,000
- 1st to 10th : All-expense-paid training programme in Silicon Valley, USA
Benefits For Finalists –
- Top 10 finalists will participate in an all expense paid, 5-weeks training programme from a top-rated US university in Silicon Valley and also have an opportunity to pitch to angel investors and obtain global exposure!
- Nation-wide recognition and media attention through NSIA.
- Promotion through various social media channels.
- Recognition on the NSIA/NPI website.
- Strategic advertisement in NSIA publications, including the annual report and sustainability reports, with global circulation.
- A 2024 NPI Recognition Plaque as the winner/runner up of the NSIA Prize for Innovation Award.
- The Innovation Award logo for use on your product packaging and advertising materials for a one-year period.
 Eligibilities
- One of the founders must be a Nigerian Citizen
- Applicants must be 18 years or older
- Applicants must be running Innovative tech-focused or tech-enabled startups
- The startup should have operated for not less than six months and operating in or within Nigeria
- The startup should be looking to raise a seed round
- The startup should have developed a minimum viable product (MVP)
- Applicants must be willing and able to commit to a 10-week fast-track accelerator programme
- Only one application is permitted per applicant irrespective of the sector. Subsequent applications will be disqualified
Can your startup create ground-breaking, tech-enabled solutions in your industry? If the answer is yes, submit your application to NPI 2.0. Up to US$220,000 to be won in prizes and an all expense paid training programme in Silicon Valley, USA.
