The Nigeria Sovereign Investment Authority (NSIA) has reaffirmed the importance of micro, small and medium enterprises (MSMEs) to job creation and economic growth, as seven Nigerian startups receive funding and business development support under its innovation programme.
Gatekeepers News reports that Aminu Umar-Sadiq, NSIA’s managing director and chief executive officer, spoke at the fourth edition of the NSIA Prize for Innovation Demo Day in Abuja, according to a statement issued by the authority on Monday.
Come Again Foods, a manufacturer of packaged snacks made from locally sourced agricultural commodities, emerged the overall winner, securing prizes valued at $100,000.
Protein Kapital, which produces protein and biofertilisers through insect farming and organic waste processing, came second with $70,000, while Instant Rad Inc., an artificial intelligence-powered teleradiology platform, placed third with $50,000.
The authority did not specify whether the funding would be provided as grants, debt or equity.
Speaking at the event, Umar-Sadiq said supporting entrepreneurs remained a fundamental component of NSIA’s investment strategy. He explained that the innovation programme offers startups access to funding, training and business networks to help them expand their operations.
“Without MSMEs, you have no job creation. Without MSMEs, you are unable to actually grow economically,” he said.
Umar-Sadiq noted that the authority supports entrepreneurs through several initiatives, including the Fund for Agricultural Finance in Nigeria, the Development Bank of Nigeria and the NSIA Prize for Innovation.
According to him, the programme equips entrepreneurs with “education, equity, and exposure” to strengthen their businesses and turn innovative ideas into marketable products and services.
He said the fourth edition focused on healthcare, manufacturing and food systems, with 12 finalists selected from 6,000 applications.
The three sectors were chosen because of their potential to stimulate employment, promote economic growth and enable businesses to scale, he added.
“We felt that focusing on these three sectors allows us to bring out ideas that would prioritise both job creation on the one hand, but also scale on the other hand,” Umar-Sadiq said.
He added that the programme had grown over its four editions, supported by increased prize money and the participation of strategic partners.
The NSIA chief executive also stressed that the authority’s involvement with businesses extends beyond providing capital, noting that it works closely with management teams to improve operational efficiency, strengthen governance and enhance business performance.
“When the equity injection goes into these companies, we work very, very closely with the management teams to enhance their value proposition, enhance their governance,” he said.
Winners to Receive Business Expansion, Post-Investment Support
Umar-Sadiq said the authority also helps businesses expand demand for their products, describing post-investment support as essential to building sustainable and successful enterprises.
“This is really the beginning of the journey,” he said.
“The value creation is actually what will create the unicorns of the future.”
He cited Money Africa and Sycamore as examples of previous beneficiaries that had recorded success, while cautioning against judging startup performance solely by short-term results.
“It’s difficult for you to show traction at the scale that we want in a year or two. You always have to look at these things over a five-year period,” he said.
According to the NSIA, the fourth edition offered a combined prize value of $275,000, comprising $220,000 from the authority, $45,000 from Cascador and $10,000 from Wema Bank.
Beyond the cash awards, eligible winners can access up to $1.5 million in growth capital through the Pula Xcelerator to support business expansion.
The winners will also participate in a fully funded entrepreneurial development programme at the Enterprise Development Centre in Lagos.
The programme will cover business strategy, leadership, corporate governance, financial management, market expansion and investor readiness, equipping the startups with the skills and resources needed to strengthen their operations and pursue long-term growth.
