The Federal Ministry of Youth and Sports Development has signed a Memorandum of Understanding with a venture capital company, TIIM Africa to empower 100 startups in the country.
The ceremony which was done at the ministry in Abuja is aimed at giving the startups that are successful in their application a grant of $5000 to expand their businesses.
The minister of youth and sports development, Sunday Dare said that he is delighted about the partnership with TIIM Africa, stating that it comes at a time when Nigerian youth need the most investments.
“We will continue to seek for partnerships with private sector organizations and youth-led groups such as TIMAfrica in order to give our teeming youth the best possible opportunities,” he said.
According to the managing partner, Samuel Ajako, investors around the world have seen the huge potentials in Nigeria.
“The fund is targeted at 100 start-ups in Nigeria. There are investors around the world who are looking at expanding at emerging markets.
“With Nigeria having a good number of tech startups and huge population, a lot of opportunities abound here,” he said.
Ajako further said there will be a screening process and a pitch day when each of them will come to present the business they have and the applicants will be selected on merit.
“There is a benchmark of $5000 per successful applicant. They have successful traction of 6 to12 months and also must have a business presence duly registered in Nigeria with the ability to employ people at the same time. We are not particular about any kind of sector.
Tiimafrica has a venture fund backed by investors around the world. We are a venture capital.
“Every single application that comes in will be screened and it will be strictly by merit. It’s a grant to help the business and we will be strict about the disbursement.
“We don’t just give grants, we offer operational support to ensure they make good use of the money.