The NSIA Prize for Innovation’s (NPI) primary objective is to identify, build, and finance early-stage innovative solutions that have the potential to catalyse economic growth, enhance the nation’s productive capacity, and create jobs. The NPI is designed to encourage and support ingenuity within the business ecosystem and to fund new solutions that could result in cost-effective, scalable, and transformative positive impact.

The programme is a multi-year commitment by the NSIA to empower budding Nigerian innovators, in a bid to catalyse the rise of the digital economy. The Programme will adopt a four-stage competition, at the end of which ten (10) finalists will emerge and win variousprizes.

NSIA has launched the fourth edition of its Innovation Prize (NPI 4.0) and will focus on healthcare, manufacturing, climate and food security. An expert panel of judges will evaluate applications from innovative startups in the aforementioned sectors.

For NPI 4.0, the top three finalists will receive a combined prize value of $220,000, awarded through a combination of cash and equity investment to help scale their businesses.

In addition, the top 10 finalists will have a chance to win a share of the US$45K CascadorPrize for Impact, the US$10K Wema Bank Enterprise Award, alongside a fully funded training programme at the Enterprise Development Centre, Lagos.​

Participants also stand a chance to secure between US$500k and US$1.5m from the Pula Xcelerator alongside a ticket to the National Finals of Hackaholics to compete for over N100M in equity-free grants.​

The programme will run for sixteen (16) weeks, covering the following stages:

1.  Pre-selection Stage: At this stage, innovators complete applications through an application portal. Applicants are expected to provide details regarding their digital product/service, business model, and minimum viable product.
2.  Accelerator Stage: Shortlisted innovators will participate in a technical partner-led accelerator programme designed to mentor and equip them with the tools required to succeed. The ten (10) successful and committed innovators will be adjudged by an independent panel of expert judges.
3. Final Stage (Demo Day): The ten (10) Programme finalists will each be allotted a timeslot to present their pitch to the panel of judges. The judging panel will comprise the technical, and venture partners and a combination of local and foreign innovationindustry experts and investors.

For NPI 4.0, the top three (3) finalists will win varied prizes comprising equity investment into their underlying business as well as cash prizes. The finalists will also be awarded the Cascador Prize for Impact and the Wema Bank Enterprise Award.

Following Demo Day, the 10 finalists will proceed to a fully-funded training programme at the Enterprise Development Centre (EDC), Lagos. Participants also stand a chance to secure up to US$1.5m from the Pula Xcelerator alongside a ticket to the National Finals of Hackaholics to compete for over N100M in equity-free grants.​

•  Identify, build, and finance early-stage innovative solutions to catalyse economic growth, enhance the nation’s productive capacity, and create jobs.
• Provide an enabling platform to showcase early-stage innovative solutions with transformative potential.
• Create an avenue for Nigerian innovators to raise capital and network with a universe of investors and established industry experts.
• Strengthen the capital formation process for viable digital solutions originating in Nigeria.
• Inspire ingenuity, creativity, innovation, and breakthrough ideas in the business ecosystem in Nigeria through cycles of prize competitions.