Seven Nigerian startups win $277,000 in sovereign investment authority prize

According to Premium Times, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that Nigerian businesses need more than conventional loans to grow. He called for patient capital, experienced investors and stronger institutional support to help promising enterprises expand.

Speaking on Saturday in Abuja at the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation, Mr Oyedele said access to credit alone would not resolve the structural challenges facing entrepreneurs. He spoke through his Special Adviser on Finance and Investment, Marie Ukpere, noting that small and medium-sized enterprises often lack the resources to grow beyond their current size.

Awards and Winners

At the event, Come Again Foods emerged as the overall winner, receiving a combined prize of $105,000. Protein Kapital came second with $70,000, while InstantRad placed third, receiving $50,000. Other award recipients were Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech. The $277,000 award package comprised $220,000 from the authority, $45,000 from Cascador and $12,000 from Wema Bank.

The Managing Director and Chief Executive Officer of the NSIA, Aminu Umar-Sadiq, said the 12 finalists were selected from more than 6,000 applications after five stages of screening and business development activities. All 12 finalists will participate in a six-week learning programme at Lagos Business School. This year's competition focused on healthcare, manufacturing and food systems.