The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spotlighted innovation as the cornerstone of Nigeria’s economic transformation, describing innovation as the “bedrock of productivity.”
Delivering a keynote address at the NSIA Prize for Innovation (NPI) Demo Day 3.0, at the weekend,
the Minister emphasised that the country’s shift from potential to prosperity hinges on homegrown, scalable solutions led by its youthful population, over 65% of whom are under 30.
“Nigeria’s transformation must be built on ideas,” he declared, “driven by our youth and anchored on inclusivity.”
For the private sector, the message was clear: Nigeria’s future growth will be fuelled by long-term investments in enterprise, he added.
Edun reaffirmed the Federal Government’s commitment to unlocking patient capital through mechanisms such as the N200 billion Presidential MSME Fund, streamlining regulation, and positioning government as an early adopter of tech-enabled solutions.
The Minister also announced upcoming policy tools, including National Innovation Hubs, Youth Innovation Trusts, and the mainstreaming of coding in basic education aimed at catalysing enterprise at scale.
Commending the NSIA’s support for startups beyond infrastructure into sectors like health, digital learning, and agri-value chains, Edun noted that the Demo Day exemplified how a strong innovation pipeline is central to Nigeria’s post-oil, private-sector-led growth.
“Our prosperity lies in our people,” he concluded. And the boldest ideas that will define Nigeria’s economic future are only just beginning.”
Also, in his remarks, the MD/CEO of the NSIA, Aminu Umar-Sadiq, stated that: “The NSIA Prize for Innovation exemplifies our 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.”
Two organisations partnered with NSIA in this year’s empowerment of the entrepreneurs; Cascador, a transformative accelerator programme that equips mid-stage African entrepreneurs with skills, mentorship, and resources to scale-up their business, provided $45,000 dollars to support three winners, at $15,000 dollars each.
Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), an initiative that strengthens local production of healthcare products, improve access to quality healthcare products and services, and supporting regulatory health environment, provided $15,000 dollars for three winners in the healthcare category, at $5,000 dollars each.
The Japanese Ambassador to Nigeria, Mr Hideo Suzuki, and Economic Counsellor, United States Embassy, Mr Joseph Giblin, were in attendance, with their goodwill messages that inspired the entrepreneurs.
Mr Giblin said: “2025 edition of NSIA is particularly inspiring for sustainable growth of innovation.” He added that the winners and indeed, young Nigerian entrepreneurs are the architects of the country’s future with their courage and innovation.
NSIA 2025 DEMO DAY 3.0, focused on three key areas of Health, Education and Agriculture.