The Nation Newspaper

Tag: NSIA

  • NSIA, partners launch $500mn fund for distributed renewable energy in Nigeria

    NSIA, partners launch $500mn fund for distributed renewable energy in Nigeria

    The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have unveiled a $500 million Distributed Renewable Energy (DRE) Nigeria Fund to develop and finance decentralized energy projects across the country.

    NSIA, SEforALL, and Africa50 formalized the initiative by signing the Heads of Terms agreement at the SEforALL Global Forum in Barbados. 

    The fund aims to attract private sector capital and provide tailored financial instruments to address key challenges, including currency volatility, tariff structures, and the limited availability of local currency financing.

    Investment focus areas include mini-grids, solar home systems, commercial and industrial (C&I) power solutions, embedded generation projects, and energy storage technologies. 

    The goal is to enhance energy access for Nigerian households and businesses while ensuring cost efficiency and reliability.

    A key component of the initiative is the mobilization of local currency funding from institutional investors such as pension funds and insurance companies. 

    The DRE Nigeria Fund is designed to serve as a scalable model for similar country-specific funds across Africa under the broader DRE Africa Platform.

    Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, described the fund as “a critical step in addressing Africa’s energy access challenges.” 

    She noted that the initiative would “attract long-term capital to scale decentralized energy solutions and move Nigeria closer to universal energy access.

    NSIA Managing Director and CEO, Aminu Umar-Sadiq, said “the fund provides a model for attracting global investment into Nigeria’s energy sector.” 

    He noted its potential to drive industrial development and expand energy access while contributing to sustainable infrastructure and economic transformation.

    Read Also: NSIA invests $2.8b to stabilise economy

    The fund is expected to benefit from catalytic capital from the International Solar Alliance, supported by the recently launched Africa Solar Facility. Ashish Khanna, Director General-Elect of ISA, stated that “mobilizing private investment and leveraging grants and equity financing are crucial to securing Africa’s energy future.”

    He pointed out that Africa currently attracts only 3 percent of global solar investments and stressed the importance of starting with Nigeria before scaling across the continent.

    Africa50 CEO, Alain Ebobisse, described the partnership as “a transformative step in accelerating renewable energy investments across Africa.” 

    He stated that “the collaboration is structured to unlock financing instruments capable of funding large-scale projects and bridging the continent’s energy access gap.”

    The DRE Nigeria Fund’s core strategy revolves around mobilizing institutional capital, fostering partnerships with the Nigerian government and private sector, and scaling renewable energy investments to support economic growth.

  • NSIA invests $2.8b to stabilise economy

    NSIA invests $2.8b to stabilise economy

    The Nigeria Sovereign Wealth Fund (NSIA) has invested about $2.833 billion towards the attainment of key Sustainable Development Goals (SDGs) in the country since its establishment about 12 years ago, its Managing Director, Aminu Umar-Sadiq has said.

    Umar-Sadiq who spoke when the House Committee on Finance visited the agency on an oversight also disclosed that the NSIA ranked among the best sovereign wealth funds globally, ranking joint first with New Zealand in 2023.

    Spain and Ireland with 96 per cent each in the ranking, Luxembourg and Sweden with 92 percent, Norway with 89 per cent, Netherlands with 88 per cent, Canada with 87 per cent,  Denmark with 86 per cent, Panama with 84 per cent and France with  83 per cent all ranked behind Nigeria in the global sustainability ranking.

    He said the GSR reflect the agency’s sustainability practice including ESG policies, a robust framework, climate investment leadership and impactful reporting.

    Read Also: VeryDarkMan meets Don Jazzy after N100m donation to his NGO

    Some of the achievements of the agency since inception include establishment of a 10megawatt (Mw) solar power project with 500 direct and indirect jobs to be created, 13,504 houses affordable houses under construction, creation of 245,000 jobs across sectors,  more than 200,000 estimated jobs in Agriculture, three major projects in motorways estimated at 515.4 kilometers.

    He said the agency has also executed various projects in the health sector including a cancer centre at the Lagos University Teaching Hospital, the Kano Diagnostic Centre in Kano and Umuahia, in addition to 23 new modern diagnostic centres which will provide modern radiology and pathology services, three oncology centres which will provide accessible, reliable, quality and comprehensive oncology services to further the nationwide fight against cancer.

    He said further that the NSIA has also established Cath labs with one in each of the six geopolitical zones of the country and the FCT to visualize the arteries and chambers of the heart and treat any stenosis or abnormality found, with the phase one already ongoing with the construction of 10 centres.

    Umar- Sadiq said the Cantre Centre at the Lagos University Teaching Hospital commissioned in May 2019 is currently providing chemotherapy and radiology services, while the centres in Kano and Umuahia have made significant stride in the early detection and diagnosis of cancer, by introducing advance screening technology, enhancing diagnostic accuracy and expanding regional outreach.

    He said as at January 2024, the centres have successfully diagnosed about 205,998 clients, providing direct employment to about 219 Nigerians, and generated about 360 indirect jobs.

     He also said NSIA also introduced the Family Homes Fund to improve the quality of life of Nigerians within the low-income sector through the provision of affordable housing with the aim of investing about N1 trillion to develop about 500,000 for low-income earners.

    According to him, the aim of the family hones fund is to provide affordable houses and create jobs through innovative solutions, leveraging the nation’s skilled workforce, strategic partnership and technology.

    He said the NSIA was created by an act of the National Assembly in May 2011 with a three-fold mandate divided into future generation fund aimed at building a savings base for the Nigerian people,  stabilization fund aimed at providing stabilization support in times of economic stress and Nigeria Infrastructure fund aimed at enhancing development of Nigeria’s infrastructure.

    He said the fund has received 1.64 billion dollars in net contribution from the government since inception which it has effectively utilized, resulting a new asset value of 2.47 billion dollars as at December 2023.

    Deputy Chairman of the House Committee on Finance, Saidu Musa Abdullahi said the visit was the first by his committee to the agency , adding that they were only interested in fiscal prudency.

    He said: “Year in, year out, we have always had huge deficit which made financing major projects in the country difficult. Nigeria has great potentials than what is going on in the country today and I hope we can close the gap. We have what it take as a country and we cannot continue like this.

    He stressed the need for the agency to increase its investment in the agricultural sector and grow the sugar cane value chain which he said in currently generating over 40 billion dollars annually for Brazil, while lamenting that the sugar factories privatized has not yielded the dividend required.

    Abdullahi said there was the need for the Nigerian government to take back the sugar factories that were privatized, stressing that the Niger state government was planning a 250 hectare of farmland for sugar which he said will generate about one billion dollars for the state.

  • NSIA invests 2.833 billion dollars to stabilise economy in 12 years

    NSIA invests 2.833 billion dollars to stabilise economy in 12 years

    …came top in global ranking

    The Nigeria Sovereign Wealth Fund (NSIA)has invested about 2.833 billion dollars towards the attainment of key SDGs in the country since its establishment about 12 years ago, its Managing Director, Aminu Umar-Sadiq has said. 

    Umar-Sadiq, who spoke when the House Committee on Finance visited the agency on an oversight, also disclosed that the NSIA ranked among the best sovereign wealth funds globally, ranking joint first with New Zealand in 2023.

    Spain and Ireland with 96 percent each in the ranking, Luxembourg and Sweden with 92 percent, Norway with 89 percent, Netherlands with 88 percent, Canada with 87 percent,  Denmark with 86 percent, Panama with 84 percent and France with  83 percent all ranked behind Nigeria in the global sustainability ranking. 

    He said the GSR reflect the agency’s sustainability practice including ESG policies, a robust framework,  climate investment leadership and impactful reporting. 

    Some of the achievements of the agency since Its inception include establishment of a 10-mw solar power project with 500 direct and indirect jobs to be created, 13,504 houses affordable houses under construction, creation of 245,000 jobs across sectors, more than 200,000 estimated jobs in Agriculture, three major projects in motorways estimated at 515.4 kilometers. 

    He said the agency has also executed various projects in the health sector including a cancer centre at the Lagos University Teaching Hospital, the Kano Diagnostic centre in Kano and Umuahia, in addition to 23 new modern diagnostic centres which will provide modern radiology and pathology services, 3 oncology centres which will provide accessible, reliable, quality and comprehensive oncology services to further the nationwide fight against cancer.

    He stated further that the NSIA has also established 1 Cath labs with one in each of the six geopolitical zones of the country and the FCT to visualize the arteries and chambers of the heart and treat any stenosis or abnormality found, with the phase one already ongoing with the construction of 10 centres.

    Umar- Sadiq said the Cancer Centre at the Lagos University Teaching Hospital commissioned in May 2019 is currently providing chemotherapy and radiology services, while the centres in Kano and Umuahia have made significant stride in the early detection and diagnosis of cancer, by introducing advance screening technology, enhancing diagnostic accuracy and expanding regional outreach.

    Read Also: Shettima urges NSIA board to diversify portfolio

    He disclosed that as at January 2024, the centres have successfully diagnosed about 205,998 clients, providing direct employment to about 219 Nigerians, and generated about 360 indirect jobs.

     He also disclosed that the NSIA also introduced the Family Homes Fund to improve the quality if life of Nigerians within the low-income sector through the provision of affordable housing with the aim of investing about N1 trillion to develop about 500,000 for low-income earners.

    According to him, the aim of the family hones fund is to provide affordable houses and create jobs through innovative solutions, leveraging the nation’s skilled workforce, strategic partnership and technology.

    He said the NSIA was created by an act of the National Assembly in May 2011 with a three-fold mandate divided into future generation fund aimed at building a savings base for the Nigerian people,  stabilization fund aimed at providing stabilization support in times of economic stress and Nigeria Infrastructure fund aimed at enhancing development of Nigeria’s infrastructure.

    He said the fund has received 1.64 billion dollars in net contribution from the government since inception which it has effectively utilized, resulting a new asset value of 2.47 billion dollars as at December 2023.

    Deputy Chairman of the House Committee on Finance, Saidu Musa Abdullahi, said the visit was the first by his committee to the agency , adding that they were only interested in fiscal prudency.

    He said: “Year in, year out, we have always had huge deficit which made financing major projects in the country difficult. Nigeria has great potentials than what is going on in the country today and I hope we can close the gap. We have what it take as a country and we cannot continue like this.

    He stressed the need for the agency to increase its investment in the agricultural sector and grow the sugar cane value chain which he said in currently generating over 40 billion dollars annually for Brazil, while lamenting that the sugar factories privatized has not yielded the dividend required.

    Abdullahi said there was the need for the Nigerian government to take back the sugar factories that were privatized, stressing that the Niger state government was planning a 250 hectare of farmland for sugar which he said will generate about one billion dollars for the state.

  • NSIA Insurance reports remarkable growth

    NSIA Insurance reports remarkable growth

    For NSIA Insurance. last year was good for business as it witnessed unprecedented growth.

    Despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.

    As a customer-centric organisation putting the customers at the heart of what they do is a cardinal principle guiding and shaping its values and operations.

    NSIA Insurance customer-centric principle drove its Gross Written Premium growth to 24 per cent from N18billion in 2022 to N22.3billion in 2023, the its Chairman, Dr. Adesegun Akin-Olugbade, said

    Speaking at a media conference in Lagos, the chairman said the firm has continued to soothe the pains of policyholders as N27 billion claims was paid by them in five years, paying N7.8 billion in 2023 alone.

    Read Also: Flour Mills’ majority shareholder gets approval to buy out minority shareholders

    He stated that their ‘Insurance Service Result’ also grew by 18 per cent to N19.8 billion from N16.8billion in 2022.

    This growth, according to him, permeated across the business lines with the non-life and life business achieving double-digit growth of 19 per cent and 17 per cent, from N9.5 billion and N7.3billion in 2022 to N11.3billion and N8.6billion in 2023.

    Managing Director, NSIA Insurance, Mr. Moruf Apampa, stated that they navigated the stormy macroeconomics by deploying cost optimisation initiatives and leveraging their technical and management expertise to deliver Profit Before Tax of N3.2 billion and Profit After Tax of N3.1 billion, indicating a growth rate of 344 billion and 400 per cent.

  • NSIA boosts cancer fight in tertiary institutions with $2m intervention project 

    NSIA boosts cancer fight in tertiary institutions with $2m intervention project 

    ….as FG recommits to confronting cancers scourge  

    The federal government is set to combat cancer in Nigeria through advanced technology as it aims to establish the country as a cancer diagnosis and care hub in Africa.

    This is as the Nigerian Sovereign Investment Authority (NSIA) commits $2 million to the training of healthcare professionals to support Teaching Hospitals nationwide in cancer diagnosis and care.

    The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, said it was in fulfillment of this commitment that several initiatives have been launched to enhance healthcare, particularly in oncology, citing the establishment of six cancer centers in the six geo-political zones, among other steps.

    Edun spoke on Wednesday in Abuja at the second edition of the Medserve Oncology Summit, where he highlighted the government’s commitment to addressing the rising cancer burden in the country as part of President Bola Tinubu’s Renewed Hope Agenda. 

    He said that since the administration took office in May 2023, several initiatives have been launched.

    The summit aims to not only identify these hurdles but also develop sustainable solutions and strengthen collaborations to enhance patient outcomes nationwide.

    The summit, organized by Medserve and the NSIA, gathered policymakers, medical professionals, and academics to discuss critical reforms, including reorganizing residency programs and establishing postgraduate oncology courses.

    Commending NSIA for its efforts in establishing the six cancer treatment centers, Edun emphasized that these facilities represent only part of the solution.

    He stressed the need for a skilled workforce and robust research to support effective cancer care.

    While reflecting on the discussions at the summit on the importance of global collaboration in combating cancer, Edun highlighted the experts’ opinions that 30% of certain colon cancers are treatable when proper resources and technologies are applied.

    Read Also: NSIA boosts cancer fight in tertiary institutions with $2m intervention project 

    The Minister, however, underscored the necessity of involving philanthropic efforts in these initiatives, as they play a vital role in supporting healthcare advancements.

    As Nigeria seeks to become a hub for health excellence, Edun expressed optimism about the country’s potential to provide compassionate and effective cancer care.

    He called for ongoing collaboration among stakeholders to ensure equitable access to treatment for all Nigerians, particularly the vulnerable populations.

    Kolawole Owodunni, Medserve Executive Director and Chief Investment Officer at NSIA, revealed that to underscore the seriousness of the issue and the organization’s commitment to addressing it, the $2m oncology intervention project has already commenced in eight University Teaching Hospitals with the goal of filling the manpower gap.

    The initiative, according to him, is crucial to combating cancer effectively and improving healthcare outcomes for Nigerians because with cancer cases rising annually, Nigeria has made strides in improving treatment, but challenges remain.

    He said that the theme of this year’s summit, ‘Enhancing the Oncology Workforce in Nigeria’, addresses a pressing issue in cancer care as the country faces a growing health crisis, Owodunni noted that shortages of trained personnel, inadequate training programs, and insufficient infrastructure continue to impede the delivery of world-class cancer care.

    Furthermore, he noted that Nigeria’s efforts in addressing the issue are displayed by the NSIA Youth Cancer Center, which has set a new standard for oncology care by providing advanced treatment and state-of-the-art technology.

    According to him, the facility has improved access to diagnostics and cancer care, offering specialized treatments at a fraction of the cost compared to overseas options.

    However, Owodunni stressed that the success of such centers relies on skilled professionals. Addressing manpower gaps and recruiting and training young talent to international standards is essential.

    The Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, emphasized the crucial role of health in President Bola Tinubu’s transformation agenda, noting that with non-communicable diseases, especially cancer, on the rise, the administration is prioritizing oncology as a defining legacy.

    He said the establishment of the six new centers, nearly 10 months ago, to boost oncology infrastructure in the country is not enough, noting that a skilled workforce and robust research are essential for success.

    Highlighting the economic potential of clinical research, Pate noted that the presidential initiative to unlock the healthcare value chain could create over half a million jobs in the next decade.

    This approach, he said, aims to leverage Nigeria’s capabilities alongside global pharmaceutical expertise to develop technologies and diagnostics, ultimately benefiting both healthcare and the economy.

    “The commitment to building a capable workforce is vital for achieving these goals, and the summit marks a pivotal step toward a healthier future for all Nigerians,” he added.

  • Fed Govt inaugurates new NSIA Board

    Fed Govt inaugurates new NSIA Board

    The Federal Government has inaugurated a new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA), tasked with steering the nation’s economic growth and stability.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the Board in his office in Abuja, charged them to leverage their expertise and wealth of experience to drive the NSIA’s mission of creating a sustainable future for generations to come.

    The newly appointed Board of Directors for the NSIA comprises professionals from various sectors, carefully selected through deliberations and recommendations made by the Executive Nominations Committee.

    The final approval was given by President Bola Tinubu, following endorsement by Vice President Senator Kashim Shettima, who serves as the Chairman of the National Economic Council (NEC).

    Read Also: Birth registration is every child’s legal proof of identity, says First Lady

    The new Board Members include: Mr. Segun Ogunsanya – Chairman; Mr. Aminu Umar-Sadiq – Managing Director; Prof. Fabian Ajogwu; Mr. Abdullahi Mahmud Gaya; Mr. Ahmed Goniri; Ms. Ada Osakwe; Dr. Suleyman Ndanusa; Ms. Ijeoma Taylaur; and Mr. Kola Owodunni.

    In his inaugural remarks, Mr. Segun Ogunsanya, the newly appointed Chairman of the Board, affirmed his commitment to fostering a prosperous future for the next generation in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration. He stated, “Our mandate is clear—we are here to enhance the wealth of our nation and ensure that future generations do not face the specter of poverty.”

    Mr. Ogunsanya also stated the Board’s ambition to significantly grow the fund under its management.

    Reflecting on the NSIA’s 11-year journey since inception, the Honourable Minister praised the Institution’s outstanding progress in achieving its mandate. He described the NSIA as an essential institution for Nigeria’s economic stability and growth.

  • NSIA launches oncology, diagnostic centres at ATBUTH, targets over 350,000 patients

    NSIA launches oncology, diagnostic centres at ATBUTH, targets over 350,000 patients

    The Nigeria Sovereign Investment Authority (NSIA) through its special-purpose vehicle, Advanced Medical Services Limited (MedServe), has launched the construction of Oncology and Diagnostic Centres at Abubakar Tafawa Balewa University Teaching Hospital (ATBUTH) in Bauchi. 

    Speaking at the groundbreaking ceremony  in Bauchi, NSIA’s Managing Director and Chief Executive Officer, who also chairs MedServe, Aminu Umar-Sadiq, said the  centres are  expected to serve approximately 5,000 and 350,000 patients, respectively, 

    He highlighted MedServe’s role in creating opportunities for all Nigerians to improve healthcare outcomes.

    Sadiq noted that MedServe’s phased healthcare expansion will not only enhance healthcare delivery in Nigeria but also attract further investment in medical infrastructure.

    According to him, the expansion plan will significantly enhance oncology and diagnostic care in Nigeria, with plans to establish 23 diagnostic centers, three additional oncology centers, and seven catheterization laboratories within federal tertiary institutions across Nigeria’s six geopolitical zones.

    The Coordinating Minister of Health and Social Welfare,  Prof. Muhammad Ali-Pate, said the centres would be constructed to meet International best standards under MedServe, the wholly owned healthcare company of the Nigeria Sovereign Investment Authority (NSIA).

    He said the gesture was part of the transformative initiatives of President Bola Tinubu administration’s to unlock health sector interventions for quality service delivery.

    According to him, President Tinubu is investing heavily in the health sector to ensure every Nigerian has access to quality healthcare service delivery.

    Managing Director of MedServe, Dr. Tolulope Adewole, noted that the centres are part of a broader healthcare expansion initiative, building on the success of the NSIA-LUTH Cancer Centre (NLCC), NSIA-Kano Diagnostic Centre (NKDC), and NSIA-Umuahia Diagnostic Centre (NUDC).

    Adewole further mentioned that the initiative would curb the need for costly medical tourism abroad while strengthening the nation’s economy.

    Responding, Bauchi Governor, Bala Mohammed, commended President Tinubu’s administration for initiating impactful projects in the state, including the establishment of a Teaching Hospital in Azare and a Federal Medical Centre in Misau. 

  • NSIA gives $220,000 prizes to three innovators

    NSIA gives $220,000 prizes to three innovators

    The Nigeria Sovereign Investment Authority has given out combined prize value of $220,000 to three winners in the second edition of the NSIA Prize for Innovation (NPI 2.0) held at the weekend in Lagos.

    The NSIA announced Sycamore the winner of the second edition of the competition, winning combined prize value of $100,000.

    Sycamore emerged winner following an assessment of pitches from 10 innovators to an expert panel of judges drawn from the business and technology eco-system.

    The evaluation was based on key metrics including market potential, team composition, traction and competitiveness of the solution proposed. Sycamore, led by Babatunde Akin-Moses is a peer-to-peer lending fintech platform which leverages technology to connect lenders and borrowers. Founded in 2019, Sycamore primarily exists to empower African businesses and propel economic growth by bridging the credit gap with technology.

    Kunda Kids – an edtech media company focused on providing well illustrated engaging African inspired digital content to children, parents and libraries globally – followed closely at the second position with a combined prize value of $70,000.

    PaveHQ, a learning and career ecosystem that support students to achieve a successful career came third with a total combined prize value of $50,000, bringing total combined prize value to $220,000.

    Read Also: Umahi seeks synergy with states on federal road project delivery

    While speaking at the recently concluded NPI Demo Day, Managing Director & Chief Executive of NSIA, Aminu Umar-Sadiq, shared that ‘the NSIA Prize for Innovation was conceptualised in recognition of the pivotal role that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors and re-position homegrown talent for global relevance.

    Now in its second year, it has so far received commendable attention from the tech eco-system as the registration of credible start-ups across Nigeria to join the programme has grown from 2,000 to over 7,000 entries within the current year.

    The NPI programme validates the Authority’s commitment to propel innovation, support entrepreneurship and position young Nigerians within the technology eco-system for global relevance. This year, the programme has been expanded to include a five-week all-expense paid training at Draper University, Silicon Valley USA, to enable all top ten innovators expand their horizon and potentially deliver solutions on global platforms.

    The NSIA Prize for Innovation is the Authority’s multi-year commitment to identify and nurture early stage innovative businesses within the tech ecosystem to create sustainable positive impact. It adopts a four-stage competition process to catalyse investments for early-stage businesses.

  • 10 Nigerian startups selected for NSIA prize for Innovation

    10 Nigerian startups selected for NSIA prize for Innovation

    The Nigeria Sovereign Investment Authority (NSIA) has shortlisted the 10 finalists for the NSIA Prize for Innovation (NPI 2.0).

    The innovative startups will compete for a combined prize value of US$220,000 and an all-expenses-paid, five-week training programme at Draper University in Silicon Valley, USA.

    The top 10 were chosen from an initial pool of over 7,000 applicants. After a virtual accelerator stage that narrowed the field to 100, a week-long physical boot camp provided a final test. Here, 26 businesses pitched their solutions to a panel of technology and business leaders.

    The final selection was based on critical factors like Scalability, that is can the business grow rapidly and sustainably? Does the product address a real need in the market? Does the business have a realistic plan for financial success? What sets them apart from the competition? How well do they understand their competitors? And How big is the potential customer base?

    Read Also: NSIA prize for innovation unveils participating start-ups

    These 10 finalists represent a diverse range of sectors within the Nigerian economy. They are: Yalo Technologies; BetaLife Health; Magic Carpet Studios; MaterialsPro; Doktorconnect; PaveHQ; VPay Africa; TribaPay; Kunda Kids and Sycamore

    Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of NSIA, expressed his enthusiasm about the programme’s growing impact: “The NSIA recognizes the critical role technology plays in driving positive social and economic outcomes. Through the NPI, we remain committed to supporting innovative solutions for Nigerian challenges, building capacity for early-stage businesses, and creating jobs through economic empowerment.”

    Now in its second year, the NPI has quickly established itself as a leading platform for nurturing Nigerian innovation.

    The commitment aligns perfectly with the NSIA’s mission to catalyze economic development within the country.

  • NSIA prize for innovation unveils participating start-ups

    NSIA prize for innovation unveils participating start-ups

    • From Nduka Chiejina (Assistant Editor) and Sarah Bolaji

    The Nigeria Sovereign Investment Authority (NSIA) has unveiled the line-up of start-ups selected for the physical bootcamp stage (Accelerator Stage) of the NSIA Prize for Innovation (NPI 2.0).

    The NPI programme is a multi-year commitment by the NSIA to foster innovation and entrepreneurship in Nigeria.

    A statement from the NSIA noted that this year, over 7,000 early-stage businesses registered for the competition, “demonstrating a significant surge in interest compared to the 2,000 applicants in the inaugural edition”.

     “Through a rigorous evaluation and due diligence process, the initial pool was narrowed down to 100 promising startups. After further screening, a select group has been chosen to participate in the intensive physical bootcamp,” the NSIA said.

     This year’s bootcamp participants represent a diverse range of sectors, highlighting the breadth of Nigeria’s burgeoning tech scene. The shortlisted startups are: Magic Carpet; Materials Pro; Jump n Pass; Awacash; VPay; Betalife; Centio Healthcare; Yalo; Pocket Lawyers; Doktorconnect; Trashcoin and One Health

    Read Also: Tinubu vows to eliminate insecurity in Nigeria

     Others are: Redease; VPD; Kunda Kids; Agroxchange Technology; Sycamore; Passcoder; Earlybean; Powerfull; Adashe; Cash Africa; TownHall; Sakula; Pave and Tribapay

     The physical bootcamp offers these startups a valuable opportunity to accelerate their growth. They will be immersed in interactive training sessions, workshops tailored to their specific needs, and networking opportunities with other innovators.

     The week-long bootcamp culminates in a mini demo day. Here, the startups will showcase their solutions to a panel of judges from the technology and business world. Those who impress the judges will advance to the prestigious Demo Day.

     The ultimate prize for the top ten Demo Day finalists is a combined prize value of $220,000 along with an all-expense paid, five-week training programme at Draper University in Silicon Valley, USA.

     The Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, emphasized the Authority’s commitment to leveraging the NPI program.

     He highlighted its role in propelling socio-economic development by stimulating the tech ecosystem, encouraging young entrepreneurs, fostering innovative solutions and positioning Nigerian tech talents for global recognition.