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Nigeria Sovereign Investment Authority (NSIA) has announced the top three winners of the fourth NSIA Prize for Innovation (NPI 4.0). The winners were picked from 12 finalists, who were shortlisted from more than 6,000 applications. Their solutions cover manufacturing, healthcare, and climate and food security.
All finalists will also join a fully sponsored training programme run by the Enterprise Development Centre at Pan-Atlantic University. It offers business support, leadership training, and help building the skills they need to grow their companies.
In total, the three winners share $220k in cash and equity. The winners are:
First place
Come Again Foods
HQ: Lagos
Prize money: $100k
Come Again Foods offers a range of snacks in Nigeria that are made from local ingredients. Their primary product is Tapiokies, a biscuit made from 80% cassava starch mixed with a small amount of wheat and coconut flavour. Each carton contains 50 sachets, with each sachet holding 10 rolls, making it suitable for families and various events. Come Again Foods emphasises quality and local sourcing, with over 80% of their raw materials coming from Nigerian farmers. This approach supports local agriculture while ensuring freshness and safety in their products.
First runner-up
Protein Kapital
HQ: Jeddah
Prize money: $70k
Protein Kapital is a specialised breeder of Black Soldier Flies, known for its unique insect breeding technology. The company produces Black Soldier Fly eggs on an industrial scale and sells them at low prices to other players in the Black Soldier Fly industry, including farmers and waste recyclers. By offering these eggs affordably, Protein Kapital helps other farmers and waste generators convert organic waste into animal protein and fertiliser efficiently, reducing the need for transportation and associated emissions.
Second runner-up
InstantRad Inc
HQ: Accra
Prize money: $50k.
InstantRad offers Teleradiology-Platform-As-A-Service (TPaas). It is bundled with a DICOM Server, PACS server, Image Exchange, Report Viewer, DICOM Archive, HL7 Integrator and Web Server that runs on an Amazon HIPAA-compliant cloud. It provides health care centres with a user-friendly analytics and reporting tool for radiologists.
“Through the NSIA Prize for Innovation, we are connecting promising entrepreneurs with the capital, expertise and strategic partnerships needed to transform innovative solutions into scalable businesses that drive economic growth and deliver lasting impact,” said Aminu Umar-Sadiq, MD and CEO of NSIA.
NSIA is a government-owned investment institution that manages Nigeria’s oil revenue above the national budget. Its aim is to build savings for Nigerians, develop the country’s infrastructure and provide support during economic stress.
The authority was created under the NSIA Act, signed into law in May 2011. The law lets it invest money for the federal government, state governments, the Federal Capital Territory and local government councils, ahead of the day Nigeria’s oil and gas runs out.
It runs three funds: The Stabilisation Fund gives budget support in hard times, the Future Generations Fund saves for later generations, and the Nigeria Infrastructure Fund invests in local infrastructure.
NSIA started operations in 2012 and began investing in the third quarter of 2013 with $1 billion in seed capital. It is owned by the federal government (46.2%), state governments (35.1%), local governments (18.2%) and the Federal Capital Territory (0.5%). It follows the Santiago Principles, a set of 24 voluntary guidelines from the IMF and the International Forum of Sovereign Wealth Funds on governance and transparency.
