NSIA, Partners Invest $275,000 in Seven Nigerian Startups to Boost Job Creation

At a time when access to funding remains a major challenge for many Nigerian businesses, seven startups have received a combined $275,000 in support from the Nigeria Sovereign Investment Authority (NSIA) and its partners, offering renewed hope for entrepreneurs seeking to grow their businesses and create jobs.

The funding was announced at the fourth edition of the NSIA Prize for Innovation Demo Day in Abuja, where NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, emphasised the importance of micro, small and medium enterprises (MSMEs) to Nigeria’s economic development.

According to Umar-Sadiq, small businesses are essential to job creation and economic growth. He stressed that supporting entrepreneurs is a key part of the authority’s investment strategy, particularly as businesses need access to capital, training and networks to expand their operations.

“Without MSMEs, you have no job creation. Without MSMEs, you are unable to actually grow economically,” he said.

The latest funding package comprises $220,000 from NSIA, $45,000 from Cascador and $10,000 from Wema Bank.

Among the standout beneficiaries, Come Again Foods, which produces packaged snacks using locally sourced agricultural commodities, emerged overall winner with prizes valued at $100,000. Protein Kapital, which produces protein and biofertilisers through insect farming and organic waste processing, came second with $70,000, while Instant Rad Inc., an artificial intelligence-powered teleradiology platform, placed third with $50,000.

Beyond the financial awards, the initiative offers opportunities for the startups to strengthen their businesses, improve their products and reach larger markets. Eligible winners can also access up to $1.5 million in growth capital through Pula Xcelerator.

They will further participate in an entrepreneurial development programme at the Enterprise Development Centre in Lagos, covering business strategy, leadership, financial management, governance and investor readiness.

For the entrepreneurs behind these businesses, the support could mean more than additional capital. It could help them expand production, invest in technology, attract customers and build teams, creating employment opportunities along the way.

With 12 finalists selected from 6,000 applications, the programme focused on healthcare, manufacturing and food systems — sectors NSIA considers important for business expansion and job creation.

The investment is a reminder that backing small businesses is also an investment in people, livelihoods and Nigeria’s economic future.