AICL expands youth enterprise drive, awards N9.75m to innovative startups across three sectors

The Abuja Investment Company Limited (AICL) has reinforced its commitment to youth entrepreneurship and innovation by awarding a total of N9.75 million to nine outstanding startups at the 2026 Abuja Young Entrepreneurs’ Hunt, with winners emerging from the information and communications technology (ICT), creative and agribusiness sectors.

The competition, organised by AICL in partnership with the Abuja Enterprise Agency (AEA), rewarded three winners in each of the three sectors, with cash prizes of N1.5 million, N1 million and N750,000 respectively to support business expansion.

Speaking at the event in Abuja on Tuesday, Maureen Tamuno, Group Managing Director and Chief Executive Officer of AICL, said the initiative goes beyond cash awards by providing participants with mentorship, business visibility and access to investors that can help transform their enterprises.

According to her, every participant in the competition benefits from intensive training and mentorship throughout the selection process, equipping them with practical skills that can accelerate business growth irrespective of whether they emerge as winners.

“The level of training and mentorship they receive from professionals during the programme goes far beyond the competition itself. It gives them ideas on visibility, expansion and sustainability,” Tamuno said.

She noted that AICL maintains relationships with past participants through mentors and partner institutions that monitor their progress and provide continued guidance to ensure their businesses grow.

“We have mechanisms in place to follow up with them. That is why previous winners return every year to share their success stories and inspire new participants,” she added.

Tamuno said this year’s winners would also be given opportunities to pitch their businesses before investors and business leaders during the upcoming Abuja Business and Investment Expo 3.0, enabling them to secure partnerships, funding and wider market access.

She recalled that participants from previous editions attracted support from successful entrepreneurs, with some receiving investment, mentorship and employment opportunities after presenting their business ideas.

“We create the platform that allows investors and successful business people to connect with these young entrepreneurs even after the programme,” she said.

Tamuno called on private sector organisations, philanthropists and development partners to collaborate with AICL and the Abuja Enterprise Agency to expand support for youth-led businesses.

She stressed that while access to finance remains a major challenge, entrepreneurs also face structural constraints such as inadequate electricity and limited access to long-term financing.

Paul Alaje, Chairman of the judging panel and economist, said the competition assessed both the viability of individual businesses and their broader economic impact.

According to him, judges evaluated innovation, sustainability, financial viability, scalability and the ability of businesses to create employment and substitute imported products.

He argued that supporting young entrepreneurs is critical to addressing poverty, unemployment and inflation.

“Our government will formulate policies, but citizens must apply those policies to create value. These businesses will generate employment, reduce imports, promote exports and contribute to economic growth,” Alaje said.

He called on state governments across Nigeria to replicate the initiative, noting that empowering young people through entrepreneurship offers a sustainable response to unemployment and insecurity.

Among the standout innovations was Plastic Abdullahi Suleiman, winner of the creative category, whose business converts plastic waste and sand into durable interlocking paving stones without using cement.

Suleiman said the innovation was inspired by Nigeria’s growing plastic waste challenge and poor road infrastructure.

“We are turning plastic waste into stronger, more affordable interlocks. We believe this innovation can help solve both environmental pollution and road construction challenges,” he said.

Another winner, Ridwanllah Adeleke, Chief Executive Officer of Cyber Vigil and winner of the ICT category, said the recognition validated the company’s cybersecurity solutions designed to identify vulnerabilities in digital systems.

He urged government agencies to partner with indigenous cybersecurity firms to strengthen the protection of critical public infrastructure against data breaches.

Also speaking, Pamela Azeminor, first runner-up in the creative category, said the prize money would be invested in purchasing equipment for her fashion training academy.

She noted that access to finance remains one of the biggest obstacles facing young entrepreneurs, adding that the competition would enable her business to acquire machines capable of preparing fashion designers for global markets