By Amaechi Agbo

In its effort to empower the Nigerian youths in their business ventures, the federal ministry of youth and sports development has signed a Memorandum of Understanding, MoU with an African investment company, TIIMAfrica for disbursement of $500, 000 to 100 Nigeria youths to grow their businesses.

The MoU which was signed on Monday in Abuja had the Director of Legal, Mrs Odili Amaka representing the ministry while the TiimAfrica’s Managing Partner, Samuel Ajako signed for the company

Speaking after signing the agreement paper, Mr Ajako while explaining the requirements to get the grant said that TIIMAfrica is targeting 100 Nigerians with viable businesses that have lasted for between six to twelve months to benefit from the grant.

“We do have requirements for that and the most important one is that you must have business traction within 6 to 12 months and also be a Nigerian between 25 and 35 years.

“We are looking at a hundred youth to receive this grant. It is a bench mark of $5000 per successful applicant that would qualify for it.

“We have due diligence and procedure all applicants would have to go through. An applicant should have a successful business traction from six to twelve months and also must have a business present and duly registered in Nigeria.

“The business should also have an ability to employ a lot of people at the same time. We are not particular about any kind of sector but we are looking at all feasible sectors that have growth here in the country.

Responding, Mrs Amaka Odili, Director, Legal, Federal Ministry of youth and sports, said the MoU is part of federal government’s policy in empowering Nigeria youth

“This MOU is about youth empowerment and we are glad it is coming at a time like this. It is a welcome development to the minister.

“The ministry is willing to partner with the TIIMAfrica on their investment on our youths.”