CBN Set To Offer N500M Grant To Graduates

CBN Set To Offer N500M Grant To Graduates

The Central Bank of Nigeria (CBN) has disclosed its interest to support Nigerian youths in tertiary institutions and also graduates. The Tertiary Institutions Entrepreneurship Scheme (TIES) which was developed by CBN will work in partnership with Nigerian polytechnics and universities to make sure this motive is achieved.

The Central Bank Of Nigeria revealed this in a circular which was titled “Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.

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According to the circular, the CBN stated:

“The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”

“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,”

“The apex bank stated that it, ”shall constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities. The Body of Experts (BoE) shall recommend projects with high potential and transformational impact for the grant award.”

Eligibility

Below are the criteria to be met in order to benefit from this fund:

Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:

• First-degree certificate (BSc/HND/ or it is equivalent);
• National Youth Service Certificate (NYSC) discharge or exemption
  certificate;
• Certificate of Participation issued by polytechnics and universities
  evidencing entrepreneurship training; and
• Not more than 7 years post-NYSC.

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Important Things to Note About The Programme

• Projects financed under the Scheme shall be monitored by independent monitors jointly engaged by the CBN and PFI
• The Scheme would be operated for 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
• Interest payment and principal repayment should be made on a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.

CBN Set To Offer N500M Grant To Graduates