NSIA Awards $280,000 to Six Nigerian Startups Driving Innovation in Agriculture and Health
NSIA and partners have awarded $280,000 to six Nigerian startups in health and agriculture at the NPI Demo Day.
Winners include D-Olivette Labs, Promise Point, and GeroCare, all offering impactful, homegrown innovations.
The Nigeria Sovereign Investment Authority (NSIA), in collaboration with its partners, has awarded a total of $280,000 to six high-impact Nigerian startups operating in the agriculture and healthcare sectors. The funding was announced at the final Demo Day of the third edition of the NSIA Prize for Innovation (NPI), which took place on Saturday.
Out of over 5,000 applicants, 10 startups were shortlisted to pitch before a live audience and a panel of expert judges. The top three were awarded a combined $220,000 in cash and equity, while additional awards were presented under two special categories: the $45,000 Cascador Impact Prize and the $15,000 PVAC Healthcare Innovation Prize.
D-Olivette Labs, which produces smart AI-powered bio-digesters for converting farm and food waste into clean energy and organic fertilizers, emerged as the overall winner. The company secured $100,000 from NSIA and an additional $15,000 Cascador Impact Prize, totaling $115,000.
Promise Point, a woman-led cassava processing company with over 1,500 hectares of farmland and a network of 2,000 smallholder farmers, placed second. It won $70,000 from NSIA and another $15,000 from the Cascador Impact Prize, bringing its total to $85,000.
GeroCare, a digital platform focused on improving elderly care in Nigeria, came third with $50,000 from NSIA and an extra $5,000 from the PVAC Healthcare Innovation Prize, making a total of $55,000.
- Mediverse, a Nigerian-built lab automation software, received a $5,000 PVAC Healthcare Innovation Prize.
- Sosocare, a low-cost health insurance provider, also earned $5,000 under the same category.
- FriendsnPal, Africa’s first AI-powered mental health platform, was awarded a $15,000 Cascador Impact Prize.
Each award will be disbursed in a 75:25 equity-to-cash ratio in exchange for a negotiated stake in the recipient companies. The top three winners, alongside seven other finalists, will also participate in a five-week all-expense-paid training program at Draper University in Silicon Valley, USA.
Commitment to Youth Entrepreneurship
Speaking at the event, NSIA MD/CEO Aminu Umar-Sadiq described the initiative as part of the agency’s mission to nurture indigenous innovations capable of transforming the country’s economic landscape. He also acknowledged the contributions of partners PVAC and Cascador in broadening support for youth-led businesses.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also addressed the gathering, underscoring the importance of investing in innovation and entrepreneurship, especially in agriculture, as a key driver of Nigeria’s economic future.
