The Nigeria Sovereign Investment Authority (NSIA) has announced the establishment of an innovation prize for entrepreneurs, innovators, and technopreneurs.

The reward is intended to incentivize businesses to create solutions that address real-world difficulties with worldwide applications.

The NSIA Award for Innovation program prize of $255,000 would be offered to the winners as a blend of cash and equity investment.

“The authority seeks to serve not merely as a spark for the fast-growing domestic technology and innovation economy, but also as a strategic enabler throughout the various tiers of the digital ecosystem,” stated NSIA Managing Director/Chief Executive Officer Aminu Umar-Sadiq.

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“With this program, we will put in place a structure that will support and accelerate the formation of digital powerhouses in the country, which we anticipate to transform Nigeria into Africa’s hub for tech-enabled solutions over time.”

The authority noted in a statement that the initiative will have three phases: a call for applications, an acceleration boot camp stage, and a demo stage.

“At the end of the call for applications phase, all entries will be examined, and only 25 solutions will be shortlisted for the accelerator boot camp, where each participant’s concept will be amplified for market readiness,” the director stated.

How to apply

Interested entrepreneurs, innovators, and technopreneurs can apply here. Application closes on Saturday, April 8, 2023, by 12 noon.