King Akan in Abuja
TiimAfrica, a venture capitalist firm has introduced ProjectGrow100 grant to aid the expansion of 100 existing businesses across Nigeria.
The grant which is open to young Nigerians between the ages of 25 to 35 years has a benchmark of $5000 and is open to businesses in all sectors of the economy.
Also the major criteria for receiving the grant is that the business must be registered in Nigeria.
This was disclosed at the signing of the ‘ProjectGrow100’ MoU between TiimAfrica and the Ministry of Youth and Sports Development which took place in Abuja, recently.
According to Managing Partner, TiimAfrica, Samuel Ajako, the partnership with the ministry would ensure due diligence as well as that the right recipients are selected.
Ajako, also noted that the grants would be disbursed based on merit and that the firm will work with the Ministry of Youth and Sports Development to ensure the process is credible.
“A link for applying for the grant will be made available immediately after this event. The first phase will take three months. The screening process will include a pitch day for investors to come and sell their businesses, after which 100 successful applications will be selected,” he said.
The Minister of Youth and Sports Development, Sunday Dare, who was represented by the Director of Legal Services, Ministry of Youth and Sports Development, Mrs. Amaka Odili, enthused about the partnership with TiimAfrica, describing it as a welcome development.
Dare said, “this comes at a time when Nigerian youths need the most investments. We will continue to seek for partnerships with private sector organisations and youth led groups such as TiimAfrica in order to give our teeming youth the best possible opportunities.”