The Central Bank of Nigeria has established grants for graduates and students in order to reduce the level of unemployment among youths in the country.
Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities, is designed to exploit the potentials of graduate entrepreneurs in Nigeria.
Pex Bank said TIES aims to increase access to finance for Nigerian polytechnic and university graduates and graduates with innovative business and technological ideas
Announcing the scheme, the CBN said, “The scheme is designed to create a paradigm shift from a ‘white-collar’ job search culture in an entrepreneurial culture to economic growth and job creation between undergraduates and graduates.”
As for the grant, CBN will allocate N500 million. among the top 5 third-best delivery organizations.
“The top five polytechnics and universities in Nigeria with the best entrepreneurial ideas will be awarded first place: N150 m; second place N120 m; third place N80 m; fourth place N80 m and fifth place. Location – N50m.”
Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.
This scheme will run for the first time (no later than 31 December 2031) in 10 years, depending on the complexity of the project.
Repayment of interest and principal must be made on a monthly or quarterly basis according to a set cash flow cycle and according to an approved repayment schedule.
Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:
i. First-degree certificate (BSc/HND/ or it is equivalent);
ii. National Youth Service Certificate (NYSC) discharge or exemption certificate
iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC
How to apply for CBN grants
Interested persons can click on the link cbnties.com.ng to complete their registration.
