News Agency of Nigeria
NSIA announces winners of 0,000 prize for innovation
Economy/Business

NSIA announces winners of $220,000 prize for innovation

By Okeoghene Akubuike

The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the third edition of the NSIA Prize for Innovation (NPI 3.0).

The winners were announced in a statement by Joyce Onyegbula, Head Corporate Communications, NSIA, following an intense pitch session at the recent NPI 3.0 Demo Day in Abuja.

Onyegbula said that for this year, the top three finalists would receive a combined prize value of 220,000 dollars, awarded through a combination of cash and equity investment.

She said that 10 finalists, chosen from over 5,000 applicants in the fields of healthcare, agriculture, and education, presented their transformative solutions to a panel of expert judges from business and technology ecosystems.

She described the NPI as an initiative designed to support early-stage Nigerian innovators who are developing transformative solutions to address some of the country’s most pressing challenges.

“The NPI reflects the authority’s ongoing commitment to boost Nigeria’s technology ecosystem by identifying and rewarding innovators, providing tools for scaling, connecting start-ups with investors and fostering a strong community of technology entrepreneurs.”

She said that the NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups.

“Three start-ups from the top 10 will be awarded the Cascador Impact Prize of 15,000 dollars each and a 5,000-dollar PVAC Healthcare Innovation Prize also for three start-ups within the top 10.

“The top 10 finalists will also participate in a five-week, all-expenses-paid training programme in Draper University, Silicon Valley, USA, gaining world-class mentorship and networking opportunities,” she said.

Meanwhile, D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilisers, clinched the first position with a combined prize value of 100,000 dollars from NSIA.

They also received a Cascador Impact prize of 15,000 dollars, bringing their total prize value to 115,000 dollars.

In second place was Promise Point, a woman-led cassava processing solution with a fully-automated facility on over 1,500 hectares of owned farmland and a network of over 2,000 smallholder farmers within its value chain.

They received a prize value of 70,000 dollars from NSIA and the Cascador Impact Prize of 15,000 dollars, bringing their total combined prize value to 85,000 dollars.

GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria came in third place.

They received a combined prize of 50,000 dollars from NSIA  and a PVAC Healthcare Innovation Prize of 5,000 dollars, bringing their total winnings to 55,000 dollars.

Mediverse won the 5,000 dollars PVAC Healthcare innovation prize.

Mediverse is a Nigerian-built laboratory automation platform that combines a cloud Laboratory Information Management System, an electronic Lab Notebook and a small on-prem IoT application to provide a pioneer Level 2 lab automation software.

Sosocare, a low-cost health insurance platform that aims to further unlock access to optimal healthcare through access to health insurance for Nigerians, also won the 5,000-dollar PVAC Healthcare Innovation Prize.

FriendsnPal, Africa’s first predictive AI-powered mental health platform that delivers 24-hour anonymous emotional support, also won the 15,000-dollar Cascador Impact Prize.

Aminu Umar-Sadiq, Managing Director/CEO, NSIA, who spoke during the event,

said that the NPI exemplified the commitment to nurturing homegrown solutions with the potential for transformative impact.

“This year, we have partnered with PVAC and Cascador to expand the opportunities for participating start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes,” he said.

Dr Abdu Mukhtar, National Coordinator, Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), said that the partnering with the NSIA was aimed at mobilising the private sector.

Mukhtar said that it would also highlight opportunities for identifying innovative solutions in healthcare.

“We will bring them to the forefront and secure financing to scale up their businesses to benefit citizens,” he said.

Ms Amanda Etuk, Programme Director, Cascador, said that the organisation was giving 45,000 dollars in prize money to the most impactful startups from the three highlighted sectors.

Etuk said that Cascador’s partnership with NSIA was borne out of the desire to support and empower entrepreneurs because of the role they played in developing the economy through job creation.

“We want to provide them with mentorship and support their industries with these impact funds that will propel them in the ecosystem,” he said.

Mr Kozaki Hitoshi, Deputy Head of Missions, Embassy of Japan, said that the Japanese Government was investing in Nigeria’s startup ecosystem, precisely in Abuja’s social startup hub, with a 10 million dollar investment in infrastructure development.

“We are co-funding a project with the Nigerian government, managed by NSIA, with 10 million dollars for infrastructure, with the Nigerian government investing the same amount.

“The unique aspect is joint funding and ownership, allowing Nigerian and Japanese businesses to collaborate and create ventures together,” he said.

Also, Mr Joseph Giblin, Economic Counsellor,  U.S. Embassy, said that the U.S Government would continue to support the innovative space in  Nigeria.

“Programmes like this demonstrate the incredible potential of collaboration and the importance of investing in the ideas and talents of the next generation.

“Seeing all these young innovators trying to solve some of the challenges in the world, especially in agriculture in Nigeria, is inspiring, and we will continue to support that,” he said. (NAN)

Edited by Kadiri Abdulrahman

NSIA posts net returns of N1.88trn in 2024
Business

NSIA posts net returns of N1.88trn in 2024

By Okeoghene Akubuike

The Nigeria Sovereign Investment Authority (NSIA) says it posted a Net return of N1.88 trillion for Financial Year 2024, up from the N1.18 trillion recorded in 2023.

The Managing Director/CEO of NSIA, Aminu Umar-Sadiq, disclosed this while presenting its 2024 Earnings at a Media Engagement on Wednesday in Abuja.

Umar-Sadiq said the NSIA showed strong financial performance in spite of the volatile global economic landscape.

He said the authority was able to achieve this through a dedicated and committed team that adopted four tactical and change strategies in 2024.

“2024 was special because we found a way to enhance a set of 2023 results that were remarkable.

“We went from Net returns of N1.18 trillion in 2023 to N1.885 trillion in 2024. We will continue to wonder how we will top that in 2025 but with the combination of teams.

“On tactical basis, we have done four things right.

“Firstly, is efficient balance sheet optimisation. We continue to be defensive, particularly on our stabilisation and future generation funds.

“Secondly, we focused on sustainable earning on the infrastructure side; thirdly, we focused on pioneering infrastructure investment; and lastly, cost efficiency.”

Umar-Sadiq said in 2024, the authority inaugurated the Ministry of Health Oncology initiative, aimed at building one world-class oncology centre in each zone on behalf of the Federal Government.

He said the NSIA recorded a 150 per cent increase in returns on Core Total Comprehensive Income(TCI) growth in 2024.

“ We had N165 billion in terms of Core TCI in 2003 and we are at N407.9 billion in 2024.

“ This increase of 150 per cent on core basis, when you strip out the impact of foreign exchange gains and derivative valuation gains, you see core basis increased our returns by 150 per cent.

 

“That goes to show the strength of the institution not only on the operational or infrastructure side but more importantly on the financial performance side.“

The managing director said in 2025, the NSIA would drive three key things, which include driving certain NSIA platforms, augmentation of its capital(growing on a Naira and Dollar basis ) and core income growth.

Victor Sesere, Chief Financial Officer, NSIA, said the operating income of the authority grew by 58 per cent on a year-on-year basis, from N1.176 trillion in 2023 to N1.853 trillion in 2024.

Sesere said the operating income growth was driven by strong performance across major income lines, with both market-sensitive and stable revenue lines achieving above single-digit increases.

He said the authority recorded a 59 per cent increase in its Profit After Tax in 2024 on a year-on-year basis from N1.185 trillion in 2023 to N1.886 trillion in 2024.

“Total assets grew by over 90 per cent, primarily driven by increased investment in securities and the revaluation of foreign currency-denominated assets.

“ In spite of the impact of foreign exchange gains on this year’s TCI, NSIA achieved its strongest performance in Core TCI in 2024, underscoring management’s commitment to generating stable, non-volatile earnings.”

Sesere said the total contribution the NSIA had received from the Federal Government cumulatively was 1.8 billion dollars, while it had retained and further reinvested one billion dollars cumulatively into the business.

“So we have actually made an extra one billion dollars, and if you add that together, that gives you what our total net assets is, which is 2.8 billion dollars.”

Mr Kolawole Owodunni, the Executive Director and Chief Investment Officer, said the NSIA had three core funds which included the Stabilisation Fund, Future Generations Fund and the Nigeria Infrastructure Fund(NIF).

Owodunni said that the NIF was anchored on three pillars which are direct investment, co-investment and creation of institutions.

“ For our investment strategy, we look for projects that have nationwide strategic impact, attract foreign and local capital, attract commercial and social returns, and projects that have a conducive legal and regulatory environment.”

Owodunni listed some key projects under the NIF including the MEDSERVE, which aims to establish 23 diagnostic centres, seven catheterisation labs, and three oncology centres across the six geopolitical zones and the FCT.

Ijeoma Taylaur, the Chief Operating Officer, NSIA, said beyond providing financial returns to stakeholders, the authority was focused on driving value and enhancing performance as well as preserving capital.

“We do this through many strategies which include risk management by minimising losses.”

Taylaur said the authority was driving value creation through subsidiaries.

“For over a decade, NSIA successfully built and nurtured a diverse portfolio of subsidiaries across various sectors that contribute meaningfully to the national economy.

“Our approach is rooted in strong governance, robust risk management, and a strong operational focus. These have enabled us to optimize performance while adhering to our long-term strategic objectives.”

She listed some subsidiaries to include Green Guarantee Company, Development Bank of Nigeria, Nigeria Infrastructure Debt Fund, NSIA Prize for Innovation, Presidential Fertilizer Initiative and Nigeria Mortgage Refinance Company.(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

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