The Economic Community of West African States (ECOWAS) has unveiled plans to support innovation and strengthen Micro, Small and Medium Enterprises (MSMEs) across the region through a startup competition offering a total prize of $65,000, approximately N91 million.
The competition, known as the ECOWAS Start-up Awards, is scheduled to hold on Sept. 28 and will bring together 60 selected startups from across West Africa.
Speaking at a news conference in Abuja on Monday, ECOWAS Acting Director of the Directorate of Private Sector and Industry, Mr Peter Oluonye, said the initiative was aimed at helping promising businesses overcome early-stage challenges and grow into sustainable enterprises.
According to him, the overall winner will receive $30,000, while the first and second runners-up will go home with $20,000 and $15,000 respectively.
The competition marks the return of the awards five years after its maiden edition held in Niamey, Niger Republic.
Oluonye said the competition would focus on innovative startups operating in key sectors, including financial technology, agricultural technology and food systems, education technology and skills development, clean technology, climate and green innovation, as well as tourism, hospitality and travel technology.
“The ECOWAS Start-up Awards is designed to mobilise innovation, particularly by start-ups, to inspire and address critical issues underlying business development,” Oluonye said.
He added that the initiative was particularly targeted at technology-driven businesses and would contribute to building a stronger innovation ecosystem across the ECOWAS region.
Beyond the prize money, Oluonye said all 60 shortlisted participants would benefit from masterclass coaching designed to strengthen their businesses before the competition enters its final stage.
The startups will be trained on key areas including market penetration, financial models and other policy-related challenges affecting business growth.
“Beyond the cash reward for the best three, all 60 participants will undergo masterclass coaching as part of efforts to build the capacity of MSMEs in the West African sub-region,” he said.
He explained that the programme was not simply about rewarding winners with cash but about building businesses capable of creating jobs, adding value to economies and inspiring young entrepreneurs across the region.
According to Oluonye, ECOWAS also plans to use the platform to bring together young people, women and persons with disabilities to showcase their ideas before potential investors and other stakeholders.
The initiative, he said, would promote digital adoption among MSMEs while connecting startups with venture capitalists, impact investors, development partners and financial institutions.
“We want to facilitate digital adoption among MSMEs and connect startups to venture capitalists, impact investors, development partners and financial institutions,” he said.
Oluonye disclosed that about 6,000 applications had been received since the competition portal opened on Aug. 3.
The applications, he said, would be screened by appointed assessors, with 60 startups expected to make the first shortlist.
The 60 selected participants will undergo the masterclass training before the number is further reduced to 20 finalists for the main competition.
Also speaking, Director-General of the Pan African Alliance of Small and Medium Industry, Dr Henry Emejuo, said half of the participants would emerge from the pool of applicants.
The remaining 50 per cent, he said, would comprise winners of national startup programmes across ECOWAS member states, based on recommendations from ministers responsible for startups.
Emejuo called on financial institutions and private sector players across West Africa to support the initiative, stressing the need for greater investment in small businesses with strong growth potential.
The awards are expected to provide a platform for some of the region’s most promising entrepreneurs to access mentorship, exposure, funding opportunities and connections needed to scale their businesses.
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