The Nigeria Sovereign Investment Authority (NSIA) has identified Small and Medium-sized Enterprises (SMEs) as critical to job creation and economic growth.

While the Authority offers $350,000 in equity support and accelerator programmes for innovators in healthcare, manufacturing and food systems, it said its innovation programme helps Nigerian entrepreneurs build scalable businesses that can become major companies.

It hinted that its NSIA Prize for Innovation (NPI) combines equity financing with business acceleration, education and strategic partnerships to help entrepreneurs strengthen their business models, improve governance and expand their markets.

NSIA’s Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the initiative reflected the authority’s broader investment strategy, which includes supporting entrepreneurs alongside its infrastructure investments.

He said that without SMEs, jobs cannot be created sustainably, stressing that education, equity, and exposure to innovative Nigerians are fundamental to the authority’s support for small businesses.

He explained that the prize is not limited to technology or manufacturing, noting that the programme’s focus shifts periodically to reflect sectors with strong potential for job creation and business expansion.

The 4.0 NSIA Prize for Innovation (NPI) focus areas are healthcare, manufacturing and food systems, selected to encourage innovations that can create jobs while achieving scale.

The authority said the programme had expanded over its four-year journey, with growth in prize funding and the involvement of strategic partners, reflecting its ambition to reach more entrepreneurs and strengthen the businesses it supports.

Beyond about $350,000 in equity financing, the initiative offers accelerator programmes for the top 200 applicants to refine their ideas and strengthen their business propositions as they progress through the competition.
The top 12 finalists will also participate in a six-week learning programme at Lagos Business School after the demonstration day.

Strategic partners, including Wema Bank, Pula and Cascador, are providing additional prizes for selected finalists, extending the support available to entrepreneurs beyond the main award.

Umar-Sadiq said the combination of education, equity, and exposure was intended to give entrepreneurs the resources and business knowledge they need to build sustainable enterprises.

The authority also plans to monitor the performance of companies receiving equity investments through close engagement with their management teams.

This support will focus on strengthening their value propositions, improving corporate governance and expanding demand for their products.

According to him, the investment is only the beginning of a longer process of building businesses capable of achieving substantial growth.

“The value creation is actually what will create the unicorns of the future,” the NSIA chief said, referring to the ambition to develop high-growth companies that can attain billion-dollar valuations.

The authority cited Money Africa and Sycamore as examples of businesses associated with previous editions of the programme that have continued to make progress.

However, Umar-Sadiq cautioned against judging the initiative solely by short-term results, arguing that building businesses capable of achieving significant scale requires a medium- to long-term perspective.