With the aim to reduce unemployment in Nigeria, the Central Bank of Nigeria has created the Tertiary Institutions Entrepreneurship Scheme (TIES), which has partnered with Nigerian universities and polytechnics to utilize the potentials of graduate entrepreneurs in Nigeria.
This was announced by the CBN in a circular recently released this October and titled Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.
The CBN stated that the aim of the TIES is to give financial access to universities and polytechnic graduates with great entrepreneurial ideas.
The CBN will distribute the 500 million grant to five tertiary institutions that have the best pitch, the CBN further stated that five deserving Nigerian universities and polytechnics with the best idea or pitch will be awarded the grant in the following manners. First place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,”
The CBN also said that he will set up a body of professionals from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate the contestant. This body of experts will recommend projects with yield and economic impact to the contesting institutions.
The benefit of the CBN grant
- To address unemployment and discourage graduates from seeking white-collar jobs but instead create jobs.
- The scheme is to shift the mind of graduates from seeking jobs to creating jobs and economic development.
Key points to note about the CBN grant
- The scheme will be operated for 10 years and during this period, it will be monitored by independent bodies that are jointly assigned by the CBN and PFI
- The interest payment or repayment should be made monthly or quarterly and should not exceed 31st December 2031
Eligibility criteria for participation
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
iii. Certificate of Participation issued by polytechnics and universities
Evidencing entrepreneurship training; and
- Not more than 7 years post-NYSC.