17 Young Entrepreneurs Get N49m Funding From FG, Cascador

The federal government, through the Nigerian Youth Academy (NiYA), has partnered with entrepreneurship support organisation, Cascador, to provide N49 million in growth funding to 17 young Nigerian entrepreneurs, as efforts to improve access to capital for youth-led businesses gather momentum.

The beneficiaries emerged from the NiYA-Cascador Founders Programme, a four-week accelerator initiative that attracted more than 19,000 applications from young entrepreneurs across the country.

At the programme’s final pitch and grant award ceremony held at the Afreximbank African Trade Centre in Abuja, eight founders received N5 million each, while the remaining nine were awarded N1 million each to strengthen their businesses.

The eight major beneficiaries 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 beneficiaries include Eeshas Cake and Foods, Zannytecture Recycling, UpSmart Energies, ParaLearn, Drych Digital, Agro-Chill Solutions, Sol-Uniq Green Resources, Bidvans and TrashGo.

The businesses operate across different sectors, with solutions addressing challenges such as post-harvest losses, food processing, waste management, vaccine cold-chain logistics, clean energy and digital education.

The funding is non-dilutive, meaning the beneficiaries will not have to surrender equity or ownership stakes in their businesses in exchange for the financial support.

Speaking at the ceremony, Minister of Youth Development, Ayodele Olawande, said Nigeria had considerable entrepreneurial talent among its young population but needed more opportunities to transform innovative ideas into viable businesses.

He said the partnership between the ministry, NiYA and Cascador was designed to bridge the gap between skills acquisition, funding and enterprise development, enabling young Nigerians to become business owners and job creators.

The programme was launched in August as a pilot initiative involving 20 early-stage founders, with a selection process that eventually produced 17 participants from 13 states across the country’s six geopolitical zones.

Aside from the financial assistance, the initiative provided participants with business development training, mentorship and practical guidance on investment readiness, sales, customer service and business operations.

It also incorporated sessions facilitated by government institutions, including the National Information Technology Development Agency (NITDA), Nigeria Data Protection Commission (NDPC), Standards Organisation of Nigeria (SON), Corporate Affairs Commission (CAC), National Agency for Food and Drug Administration and Control (NAFDAC), and Nigeria Revenue Service.

The sessions were intended to help participating businesses understand regulatory requirements, improve compliance and establish operational structures needed to compete in the formal economy.

Furthermore, all 17 beneficiaries will receive one year of complimentary access to SMECore, an enterprise resource planning platform developed by Sapphital Limited, the programme’s implementation partner.

The digital platform provides tools for financial management, accounting, inventory monitoring, sales, customer relationship management and business performance reporting.

The intervention is significant against the backdrop of funding constraints facing many Nigerian startups and small businesses, particularly early-stage enterprises that lack the financial records, collateral and operating history often required by conventional lenders.

While access to grants and seed capital remains important, the combination of funding, business training and digital management tools is expected to help the beneficiaries improve their capacity to manage operations and attract further investment.

Chief Executive Officer of Cascador, Trish Thomas, said the partnership reflected a shared commitment to providing young Nigerian founders with capital and practical support to build stronger businesses.

She expressed optimism that the eight major beneficiaries would use the funding to expand their operations and create jobs in their communities.

A beneficiary and founder of Craft Planet, Kabir Olaosebikan, said the programme gave his business the foundation and confidence to pursue its growth ambitions.

He said the funding and access to the enterprise management platform would help the company advance its sustainable plastic waste solutions and create jobs as it expands.

The initiative also aligns with NiYA’s broader ambition to train and empower seven million Nigerian youths within two years, although the long-term impact will depend on the programme’s ability to extend support beyond individual cohorts and connect more entrepreneurs to sustainable sources of finance.

Meanwhile, all 17 participants will retain their NiYA alumni status, giving them continued access to the academy’s learning, networking and entrepreneurship opportunities.