17 Nigerian businesses share ₦49 million in grants from youth development programme

Seventeen Nigerian business owners have been awarded a total of ₦49 million through a government-backed programme run by the Ministry of Youth Development, the Nigerian Youth Academy (NiYA) and business support organisation Cascador. Eight founders will receive ₦5 million each, while the remaining nine will get ₦1 million apiece. The awards followed a four week programme that brought together 17 entrepreneurs selected from more than 19,000 applications.

The funding comes without an equity requirement, so the recipients will not have to give up ownership of their businesses to receive the grants.

Who is getting the money?

The eight founders receiving the larger grants come from businesses operating in quite different markets. SewPro has built a digital management tool for tailors and fashion entrepreneurs. Biuda focuses on technology education for children and teenagers, while Sparklean Station Nigeria manufactures cleaning and disinfectant products.

Backel Food Services is involved in food and beverage production. Shellify uses discarded eggshells to produce useful materials, and Rèkool Access Technology develops solar powered refrigeration and cold-storage systems. The other two businesses are Agrosavvy Consult, which operates in agriculture, and Craft Planet, which processes plastic waste into materials for construction. The nine other participants will each receive ₦1 million. This brings the total grant allocation to ₦49 million.

Funding comes with business management software

Money is not the only support being offered. All 17 businesses will receive access to SMECore, an enterprise resource planning platform developed by Sapphital Limited. The software is designed to help business owners manage areas such as stock, finances and daily operations. These are often difficult to keep track of as a small business takes on more customers and increases its activity.

Sapphital also handled the programme's application and assessment process through its Startup and Grant Management System. The founders received guidance from several government agencies, including the Corporate Affairs Commission, Standards Organisation of Nigeria, National Agency for Food and Drug Administration and Control, and Nigeria Data Protection Commission. The sessions dealt with issues such as registering a business, meeting product standards and handling customer data.

Cascador's growing involvement in SME finance

The programme is another Nigerian business initiative involving Cascador. In September, the organisation selected 10 companies for its 2026 ScaleUp programme. The initiative focuses on business assessments and access to funding. In October, Cascador partnered with Sterling Bank to establish a $200 million facility aimed at helping small businesses and startups access bank loans.

 Cascador says it has supported 80 companies since 2019, with those businesses collectively raising more than $150 million. One of the grant recipients, Craft Planet founder Kabir Olaosebikan, said the funding and ERP access would help the company expand its plastic waste processing activities and create jobs. The 17 businesses are now expected to use the grants in their operations.

 For companies involved in manufacturing and food production, that could mean additional materials and equipment. Others may put the money towards product development, storage capacity or reaching new customers. The programme has selected its beneficiaries and announced the grants. The more telling figures will come later, when there is information on how much the businesses have increased their sales, production and employment.