Nigeria’s Ministry of Youth Development, through the Nigerian Youth Academy (NiYA), and Cascador, a Nigeria-focused platform for growth-stage founders, have awarded ₦5 million ($3,711) each to eight Nigerian founders to help grow their businesses.
The non-dilutive funding is part of the NiYA-Cascador Founders Programme, a four-week initiative designed to help early-stage businesses strengthen operations and access capital without giving up equity.
The move is the Nigerian government’s latest effort to channel capital into the country’s startup ecosystem. In February, the Nigeria Sovereign Investment Authority (NSIA), the country’s public investment institution, finalised agreements with the Japan International Cooperation Agency (JICA) to launch a $50 million Impact Innovation Fund to provide capital to pre-seed, seed, and early-stage Nigerian startups.
Launched in August, the NiYA-Cascador Founders Programme combines business training, regulatory guidance, mentorship, and funding to help participating companies address operational challenges that can limit growth. It selected eight founders from a cohort of 17 entrepreneurs drawn from more than 19,000 applications.
“Nigeria is blessed with talented and innovative young people. What they need are opportunities to turn their ideas into successful businesses,” Ayodele Olawande, Minister of Youth Development, said in a statement on Tuesday. “Through the Nigerian Youth Academy (NiYA) and our partnership with Cascador, we are bridging the gap between skills, funding and enterprise development.”
The eight businesses selected operate across education, fashion technology, food production, manufacturing, agriculture, and climate solutions. They include SewPro, a digital business management tool for tailors and fashion entrepreneurs; Biuda, which focuses on technology education for children and teenagers through interactive learning content; Sparklean Station Nigeria, a manufacturer of cleaning and disinfectant products; and Backel Food Services, which produces food and beverage products, with a focus on healthier alternatives.
Shellify converts eggshell waste into useful materials, while Rèkool Access Technology develops solar-powered refrigeration and cold-storage systems; Agrosavvy Consult operates in the agriculture sector, and Craft Planet collects and processes plastic waste into sustainable construction materials.
The remaining nine businesses in the cohort of 17 founders will each receive ₦1 million ($742) in non-dilutive growth capital. All participants will also receive an enterprise resource planning (ERP) solution to help manage their business operations and retain alumni status with NiYA.
Sapphital Limited, the Ministry’s technical partner, implemented the programme using its Startup and Grant Management System to manage applications, assessments, and programme coordination. Participants also received access to SMECore, an ERP platform developed by Sapphital, alongside mentorship and engagements with government institutions such as the Nigeria Data Protection Commission, Standards Organisation of Nigeria, National Agency for Food and Drug Administration and Control, Corporate Affairs Commission, and National Information Technology Development Agency.
“This programme will prove to be a defining step in our growth story, giving us the business foundations and confidence to pursue our ambitions,” said Kabir Olaosebikan, founder of Craft Planet, one of the selected startups. “With the funding and ERP platform, we now have the means to put what we’ve learned into action. Our focus is to build on our sustainable plastic waste solutions and create jobs as we grow.”
The partnership with the ministry extends Cascador’s work in supporting Nigerian businesses. In September, its flagship Cascador ScaleUp programme selected 10 Nigerian companies for business assessments and access to funding. In October, it partnered with Sterling Bank to set up a $200 million fund to help small Nigerian businesses and startups get bank loans.
Since 2019, Cascador says it has supported 80 companies that have collectively raised more than $150 million.
“We share NiYA and FMYD’s commitment to giving Nigeria’s ambitious young founders the capital and practical support they need to build stronger businesses,” Trish Thomas, chief executive officer of Cascador, said in a statement. “This partnership has put that commitment into action, and seeing eight deserving founders secure funding at Pitch Day is an encouraging outcome for the pilot. We look forward to seeing them use this backing to grow their businesses and create jobs in the communities they serve.”