The African literature portal,
Shoneyin got the award for her extraordinary contribution to the growth and development of "creative culture" on the continent.
She is the third recipient of the prize.
"Both in her writing and her work as a community leader, Shoneyin tirelessly advocates for a culture of creative and critical thought," the founder of Brittle Paper, Dr. Ainehi Edoro said.
"In 2017, Shoneyin, more than anyone else out there, has worked the hardest to provide platforms where communities of readers and writers are empowered to think, do, and create," Edoro added.
Reacting to the award, Shoneyin took to Twitter to appreciate the organisers while dedicating the prize to "the people doing the important work of promoting, developing and celebrating the arts".
Shoneyin has forged a reputation as an adventurous, humorous and outspoken poet (often classed in the feminist mould), having published three volumes of poetry.
In April 2014 she was named on the Hay Festival's Africa39 list of 39 Sub-Saharan African writers aged under 40 with potential and talent to define trends in African literature.
The international-acclaimed poet was also one of the founders of Nigerian indie publishing house Ouida Books, which has made the works of Nnedi Okorafor and Ayobami Adebayo available to Nigerian readers.