Eight Nigerian founders get over $29,000 in government-backed business support
Nigeria’s Ministry of Youth Development, through the Nigerian Youth Academy (NiYA), and Cascador have awarded ₦5 million ($3,711) each to eight Nigerian founders to help grow their businesses.
The Nigerian government, through its Ministry of Youth Development and the Nigerian Youth Academy (NiYA), has provided ₦5 million ($3,711) each to eight startups. The funding is part of the NiYA-Cascador Founders Programme, a four-week initiative aimed at helping early-stage businesses grow by addressing operational challenges. This is Nigeria's latest effort to channel capital into its startup ecosystem.
The eight startups, selected from a pool of 17 from over 19,000 applications, are involved in diverse sectors such as education, fashion technology, food production, manufacturing, agriculture, and climate solutions. These include businesses like SewPro, Biuda, Sparklean Station Nigeria, Backel Food Services, Shellify, Rèkool Access Technology, Agrosavvy Consult, and Craft Planet.
The NiYA-Cascador Founders Programme offers business training, regulatory guidance, mentorship, and funding to help these companies overcome operational hurdles that may hinder their growth. The eight startups will also receive an enterprise resource planning (ERP) solution to manage their business operations. This initiative is part of the Nigeria Sovereign Investment Authority's ($50 million Impact Innovation Fund) efforts to provide capital to pre-seed, seed, and early-stage Nigerian startups.
The Ministry's partnership with Cascador aims to bridge the gap between skills, funding, and enterprise development for Nigeria's young and innovative founders.
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