The Nigeria Sovereign Investment Authority (NSIA) has announced and called for applications for the NSIA Prize for Innovation, NPI 2024.
NSIA Prize for Innovation NPI 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 .
It also seeks to fund early-stage, growth driven solutions, with the aim of driving transformative economic growth, enhancing the nation’s productive capacity, and creating jobs.
NPI 2.0 presents prizes up to US$220,000 and an all expense paid training programme in Silicon Valley, USA.
Who Can Apply?
Intending Participants must tick the following boxes:
- Founding team must include Entrepreneurs with Nigerian citizenship.
- Applicants must be 18 yrs and above.
- Startups’ focus must be on tech-centric or tech-enabled innovations.
- Startups must be operational for a minimum of six months within Nigeria, aiming to secure seed funding.
- Participating startups must have developed a minimum viable product (MVP).
- Applicants must be willing and ready to participate in a 10-week fast-track accelerator programme.
- Only one application is permitted per applicant across any sector.
The NPI 2024 will prioritize technology-enabled startups across sectors with potential impact on Nigeria’s economy. The sectors include:
- Financial Services
- Agriculture
- Health
- Education
- Manufacturing
- Logistics & E-mobility
- E-commerce & Marketplaces
- Climate
While the program prioritizes these sectors, it also encouraged startups from other sectors to apply.
Prizes
The Top Innovators gets monetary prizes as follows;
- 1st position : Valuation up to $3 million.
- 2nd position : Valuation up to $2 million.
- 3rd position : Valuation up to $1 million.
The top 10 finalists also get to enjoy the following benefits:
- A 5-week, all-expense-paid training programme at a leading US university in Silicon Valley. This presents an opportunity to pitch to angel investors and gain international exposure.
- Nationwide recognition and media spotlight through NSIA channels.
- Promotional support across various social media platforms and inclusion on the NSIA/NPI website.
- Strategic visibility in NSIA publications, reaching a global audience.
- A 2024 NPI Recognition Plaque and the right to use the Innovation Award logo on product packaging and advertising materials for a year.
How to Apply
To participate in the program, visit the Official Webpage of the NSIA Prize for Innovation to submit your application.
Deadline for all applications is 3rd of March , 2024