CBN Launches 500 thousand Naira Grant for Graduates – The Central Bank of Nigeria has introduced grants for graduates to reduce unemployment.
TIES is a cooperation between Tertiary Institutions Entrepreneurship Scheme (TIES) and Nigerian polytechnics and universities aimed at maximizing the potential of graduate entrepreneurs in Nigeria.
Consequently, the TIES aims to provide access to capital for undergraduates and graduates of Nigerian polytechnics and universities.
This is to encourage those who have creative entrepreneurial and technology concepts, develop their dreams into reality.
What the CBN has to say as they launch 500 thousand Naira grants for graduates.
The apex bank noted that the formation of TIES was to combat the trend of graduates pursuing white-collar professions and shift their focus to the generation of jobs.
“The Scheme is aimed to encourage a paradigm shift among undergraduates and graduates from pursuing white-collar employment to a culture of entrepreneurship development for economic development and job creation,” according to CBN.
Furthermore, the CBN will distribute N500 million in grants to the top five tertiary institutions with the finest pitches.
“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million,” according to the Central Bank of Nigeria.
Info on The Biennial Regional and National Entrepreneurship Competition
“For the biennial regional and national entrepreneurship competitions, the apex bank shall form a Body of Experts (BoE) from the commercial and public sector to evaluate entrepreneurial and technological innovations,” the apex bank noted.
The Nigerian polytechnics and universities are to submit their entries for the competition.
For the grant award, the Body of Experts (BoE) will select projects with high potential and transformational impact.”
The following are the highlights of the guideline:
Projects financed under the Scheme will be overseen by independent monitors hired jointly by the CBN and the PFI.
In the first instance, the Scheme would be in place for ten years (until December 31, 2031), depending on the project’s complexity.
In addition, the applicant should make interest and principal payments on a monthly or quarterly basis, based on the agreed repayment schedule.
Eligibility criteria as CBN Launches 500 thousand Naira Grant for Graduates
Applicants for the Scheme must be graduates of Nigerian polytechnics and universities with the following qualifications:
- A bachelor’s degree (BSc/HND/or it’s equivalent);
- Discharge from the National Youth Service Corps (NYSC) or certificate of exemption;
- Certificates of Participation demonstrating entrepreneurship training from polytechnics and universities; and
- Not more than 7 years after completing NYSC.
Those interested in applying can do so by clicking on this link.