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

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The federal government and Cascador, a Nigeria-focused entrepreneurship support platform, have committed N49 million in non-dilutive funding to 17 young ...

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…

The…

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