FG, Cascador commit N49m to 17 Young Nigerian startups after 19,000 applications

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Read History Go to My Account Log Out Enhanced by Google Technology FG, Cascador commit N49m to 17 Young Nigerian startups after 19,000 applications The federal government and Cascador, a Nigeria-focused entrepreneurship support platform, have committed N49 million in non-dilutive funding to 17 young

Listen to this article Share The federal government and Cascador, a Nigeria-focused entrepreneurship support platform, have committed N49 million in non-dilutive funding to 17 young Nigerian startups, following an application process that attracted more than 19,000 entrepreneurs across the country.

The intervention, implemented through the Federal Ministry of Youth Development (FMYD) and the Nigerian Youth Academy (NiYA), will see eight selected founders receive N5 million each, while the remaining nine participants will get M1 million each to support business expansion.

The funding represents an attempt to address the financing and capacity challenges facing young entrepreneurs, many of whom struggle to move from business ideas and early-stage operations to sustainable enterprises capable of generating employment.

The programme, which attracted applications following its launch on International Youth Day in August, selected 17 founders from 13 states across Nigeria’s six geopolitical zones for a four-week accelerator designed to improve their investment readiness and business management capabilities.

The disparity between the more than 19,000 applications and the 17 selected participants also highlights the scale of interest in entrepreneurship support and the competition for structured funding opportunities among young Nigerians.

The eight winners announced at the programme’s Pitch Day in Abuja on November 10 are Andrew Ogbeh of SewPro, Patrick Ifeanyi Chukwu of Biuda, Ameedat Eniola Olaniyan of Sparklean Station Nigeria Limited, Favour Ngozi Nnadi of Backel Food Services Limited, Khuzaifa Aminu of Shellify, Ayisat Adama Adamu of Rèkool Access Technology, Godslove Emmanuel Asuquo of Agrosavvy Consult and Kabir Olaosebikan of Craft Planet.

The other nine founders will receive N1 million each in growth capital, while all 17 participants will also receive an Enterprise Resource Planning (ERP) solution to improve their business operations.

Unlike conventional equity financing, the funding is non-dilutive, meaning the founders will not have to surrender ownership stakes in their businesses in exchange for the capital.

The businesses selected for the programme operate across sectors addressing practical economic challenges, including post-harvest losses, food insecurity, malnutrition, plastic waste, vaccine cold-chain infrastructure, clean energy and digital education.

Beyond the financial support, the four-week programme sought to address some of the structural weaknesses that prevent young businesses from becoming investment-ready.

Participants received training in sales, customer service, business management, investment readiness and pitching, alongside guidance on regulatory requirements, data protection and product standards.

The programme also provided access to technical sessions facilitated by government institutions, including the Nigeria Data Protection Commission, Securities and Exchange Commission, National Information Technology Development Agency, Standards Organisation of Nigeria, National Agency for Food and Drug Administration and Control, Corporate Affairs Commission and NASENI.

Other participating institutions included NEXIM Bank and the Nigeria Revenue Service.

The involvement of these agencies is significant for young businesses operating in regulated sectors, where compliance costs, certification requirements and limited knowledge of regulatory processes can delay commercialisation and expansion.

The initiative was implemented by Sapphital Limited, the ministry’s technical partner, using its Startup and Grant Management System to coordinate applications, assessments and the accelerator programme.

Speaking on the intervention, Ayodele Olawande, minister of Youth Development, said Nigeria had talented young people who needed opportunities to transform their ideas into viable businesses.

Through NiYA and its partnership with Cascador, the ministry is seeking to bridge the gap between skills development, funding and enterprise development, he said.

The minister added that the initiative aligned with President Bola Tinubu’s Renewed Hope Agenda of empowering young Nigerians to become job creators and contribute to economic growth.

Kabir Olaosebikan, founder of Craft Planet, one of the eight winning startups, said the programme had provided the business foundations and confidence needed to pursue its growth ambitions.

He said the funding and ERP platform would help the company implement its sustainable plastic waste solutions and create jobs as it expands.

Trish Thomas, chief executive officer of Cascador, said the partnership had translated the organisations’ commitment to supporting young entrepreneurs into practical funding and business development opportunities.

She said the organisation expected the beneficiaries to use the funding to expand their businesses and create jobs in the communities they serve.

The intervention comes as Nigeria continues to grapple with youth unemployment, limited access to affordable financing and the challenge of developing small businesses into sustainable employers.

For many early-stage businesses, access to capital remains only one part of the challenge. Weak financial management systems, regulatory bottlenecks, limited market access and inadequate business development support can undermine growth even after funding has been secured.

The provision of ERP solutions and regulatory guidance alongside the financial intervention therefore reflects an effort to address some of these operational constraints.

NiYA, the Federal Ministry of Youth Development’s digital youth empowerment platform, has a broader ambition to train and empower seven million Nigerian youths within two years.

All 17 founders will retain alumni status under the academy, with priority consideration for future opportunities.

However, the longer-term impact of the initiative will depend on whether the beneficiaries can translate the funding, training and institutional support into sustainable revenue growth, business expansion and measurable employment opportunities.

Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.