By | Goodluck E. Adubazi, Abuja
Nigerian innovators have received grants from the Nigerian Sovereign Investment Authority (NSIA), Wema Bank and Cascador, among other partners, to support the development and expansion of innovative businesses across the country.
The grants were announced at the NSIA Prize for Innovation (NPI) 4.0 Demo Day, themed “Building for Impact,” held on October 24, 2026, at the Abuja Continental Hotel.
At a panel session titled “Building an Ecosystem for Nigerian Innovators to Scale,” representatives of Wema Bank, Cascador and PULA highlighted the importance of financing, business education, risk management and strategic partnerships in helping Nigerian startups grow into sustainable enterprises.
The partners reaffirmed their commitment to supporting innovation and strengthening Nigeria’s entrepreneurial ecosystem.
Speaking at the session, PULA Country Director and Lead, Michael Enahoro, stressed the need for innovators, particularly those operating in agriculture and food production, to incorporate risk management into their business models.
He explained that PULA helps businesses and farming communities manage risks associated with climate change and agricultural shocks, enabling them to withstand unexpected losses and maintain production.
According to him, risk mitigation makes businesses more attractive to investors and lenders by demonstrating that entrepreneurs have considered potential challenges and developed strategies to address them.
Enahoro disclosed that PULA insured more than 250,000 Nigerian farmers in the previous year, with nearly 50,000 receiving payouts totalling about ₦400 million following climate-related shocks.
He also cited the organisation’s support for 80,000 farmers in Zambia during a severe drought and assistance to ginger farmers in Kaduna State affected by crop disease.
He said such interventions could be expanded to help innovators prepare for climate-related disruptions and protect their businesses from collapsing because of a single bad production season.
Also speaking, Cascador Programme Director, Amada, emphasised that entrepreneurial education and business capacity development were as important as access to capital.
She explained that Cascador operates a 12-week accelerator programme comprising 10 weeks of virtual training and two weeks of in-person sessions involving founders and their leadership teams.
According to her, the programme provides tailored recommendations covering revenue generation, products, technology, operations and business management.
She said the initiative helps entrepreneurs improve their understanding of customers, strengthen leadership, delegate responsibilities effectively and identify the appropriate type of capital for their businesses.
Amada added that the programme also connects innovators to valuable networks within Nigeria’s business community, helping them access opportunities to advance their growth ambitions.
Similarly, Solomon Ayodele of Wema Bank highlighted the bank’s commitment to nurturing entrepreneurs through financial support, technological resources, business connections and advisory services.
He disclosed that Wema Bank had provided approximately ₦500 million in equity-free grants through its innovation initiatives.
Ayodele explained that the bank’s innovation support programme, which began in 2019, was established to help entrepreneurs develop promising ideas, access funding and connect with the resources required to build scalable businesses.
He noted that Wema Bank had expanded its engagement with innovators through university outreach and other programmes, supporting businesses at different stages of development.
According to him, the bank also helps entrepreneurs access opportunities through its institutional relationships and provides continued advisory support through its innovation ecosystem.
He stressed that collaboration, rather than competition alone, would shape the future of the banking industry, adding that supporting innovators was essential to sustaining the sector’s long-term growth.
At the end of the session, Cascador awarded grants of $15,000 each to UWANA Energy and Eight Medicals, while Ebees Green received $5,000. Sambal Enterprise and Come Again Foods also received $5,000 each.
Wema Bank equally awarded grants of $4,000 each to Tryctor, Smartel Agri Tech and Eight Medicals.
The awards are expected to support the selected businesses as they develop their solutions, strengthen their operations and pursue opportunities for expansion.
The NPI 4.0 initiative underscores the importance of collaboration among financial institutions, business development organisations and other ecosystem partners in helping Nigerian innovators transform ideas into viable enterprises, create jobs and contribute to economic growth.
