Headlines
CBN Introduces ₦500 Million Grant For Graduates, Undergraduates
In a bid to cut back unemployment, the Central Financial institution of Nigeria has developed the Tertiary Establishments Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
This was disclosed by the Central Financial institution of Nigeria in a round, titled ‘Tips for the implementation of tertiary establishments entrepreneurship scheme’, dated October 2021.
The apex financial institution acknowledged that the purpose of the TIES is to boost entry to finance to undergraduates and graduates of polytechnics and universities in Nigeria with progressive entrepreneurial and technological concepts.
What the CBN is saying
The apex financial institution acknowledged that the event of TIES was to handle the development of graduates looking for whitecollar jobs and switch their consideration to the creation of jobs.
CBN acknowledged that “the Scheme is designed to create a paradigm shift amongst undergraduates and graduates from the pursuit of white-collar jobs to a tradition of entrepreneurship improvement for financial improvement and job creation.”
Concerning the grant, the CBN would distribute N500million among the many high 5 tertiary establishments with the most effective pitch.
CBN stated, “5 high Nigerian polytechnics and universities with the most effective entrepreneurial pitches/concepts shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,”
The apex financial institution acknowledged that it, ”shall represent a Physique of Specialists (BoE) from the non-public and public sector for the biennial regional and nationwide entrepreneurship competitions to judge entrepreneurial and technological improvements submitted by Nigerian polytechnics and universities. The Physique of Specialists (BoE) shall advocate tasks with excessive potential and transformational influence for the grant award.”
Key highlights of the rule of thumb
Tasks financed below the Scheme shall be monitored by unbiased displays collectively engaged by the CBN and PFI
The Scheme can be operated for 10 years within the first occasion (not exceeding thirty first December 2031) relying on the complexity of the venture.
Curiosity fee and principal compensation needs to be made on a month-to-month or quarterly foundation by the obligor relying on the established money stream cycle and consistent with the authorised compensation schedule.
Eligibility standards for participation
Candidates below the Scheme shall be graduates of Nigerian polytechnics and universities with:
i. First-degree certificates (BSc/HND/ or it’s equal);
ii. Nationwide Youth Service Certificates (NYSC) discharge or
exemption certificates;
iii. Certificates of Participation issued by polytechnics and universities evidencing entrepreneurship coaching; and
iv. No more than 7 years post-NYSC.
