About the NSIA Prize for Innovation (NPI)
NPI is poised to identify, build, and channel the country’s latent potential in innovation and technology to catalyse economic growth, enhance the nation’s productive capacity, create jobs, and optimise resource sustainability.
It is designed to encourage and support homegrown creativity within the digital sector and to fund new ideas that could potentially result in cost-effective, scalable, and transformative impact not just for Nigerians, but communities across the world.
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 three-staged competition at the end of which ten (10) finalists will emerge and win varied prizes.
Within the remit of NSIA’s mandate, NPI’s mission is to increase Nigeria’s socio-economic competitiveness by promoting, strengthening and harnessing homegrown tech-enabled solutions through collaboration across the digital eco-system.
NPI is a socio-economic development programme for the NSIA. The Authority seeks to drive innovation and entrepreneurship in Nigeria by creating an enabling environment that fosters co-creation, collaboration, and cross-pollination of ideas within the digital eco-system.
NPI’s vision is to become the leading initiative that empowers Nigerian startups, innovators and technopreneurs to develop world-class solutions to global challenges that have the potential to create wealth and high skilled jobs sustainably.
With this vision, the programme aims to augment improvements in the Nigerian digital ecosystem through cycles of prize competitions to drive inventiveness. The vision stems from the conviction that technology and technology-enabled solutions are the driving forces that will underpin the next phase of Nigeria’s growth.
Established as an independent investment institution by an Act of the National Assembly and assented to by the President of the Federal Republic of Nigeria on May 26, 2011, the Nigeria Sovereign Investment Authority (“NSIA” or “the Authority”) is the manager of Nigeria’s sovereign wealth fund. The Authority commenced operations in 2012, with the inauguration of the Board of Directors on 9th October 2012.
The NSIA is empowered to receive, manage, and invest funds in a diversified portfolio of medium and long-term assets on behalf of all three tiers of government in preparation for the eventual depletion of Nigeria’s hydrocarbon resources. To achieve this, the NSIA established three main funds: the Stabilisation Fund (SF), the Future Generations Fund (FGF) and the Nigeria Infrastructure Fund (NIF).
Within its three-fund remit, the NSIA continues to formulate and implement strategies to position Nigeria to attract foreign direct investments, diversify its economy, and grow sustainably. This approach to investing is consistent with the Authority’s mission wherein it seeks to play a leading role in driving sustained economic development for the benefit of all Nigerians.
NSIA seeks to support the growth of the digital economy in Nigeria as a priority sector using the recently created NSIA Innovation Fund. Starting with the NSIA Prize for Innovation (NPI), NSIA aims to enhance, equip, and unleash the ingenuity and creativity of Nigerian innovators, startups and technopreneurs to help solve real world challenges.
For more information, please visit www.nsia.com.ng