The Central Bank of Nigeria (CBN) announced a new grant for the graduates and undergraduates of Nigerian polytechnics and universities on Wednesday in an effort to combat the country’s rising unemployment rate.
The grant was created in collaboration with Nigerian universities and polytechnics as part of the Tertiary Institutions Entrepreneurship Scheme (TIES), which aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth. We’ll look at the criteria for undergraduates and graduates to be eligible for the CBN N500 million grant.
TIES, according to the CBN, would allow undergraduates and graduates of Nigerian polytechnics and universities to obtain funds to establish a business.
“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.
Loan Criteria
Providing requisite information and documents, such as:
- First degree and NYSC discharge (or exemption certificate);
- Valid mobile phone number (linked to your NIN), BVN, NIN, TIN, and email address;
- Evidence of business registration (certified true copies of relevant CAC documents); and
- Corporate bank account number of business.
Eligibility:
Graduates of any Nigerian university or polytechnic within the past seven (7) years with entrepreneurial interest.
NOTE: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation, and transformational impact.
Female entrepreneurs are encouraged to apply.
Prohibition:
Trading activities shall not be eligible for financing under the Scheme.
Loan features:
- N5.0 million for individual/sole proprietorship/small company projects; and
- N25.0 million for partnership/company projects
- Interest rate: 5% per annum (9% effective from March 1, 2022, or as may be prescribed by the CBN)
- Tenor: Five (5) years
- Moratorium: 12 months
How to Apply
Take note that the application portal is now up and running.
Apply online via the designated online portal – https://cbnties.com.ng
Grant awards:
The CBN stated that the N500 million will be distributed to the top five tertiary universities with the greatest entrepreneurial pitches or concepts.
- First place – N150.0 million;
- Second place – N120.0 million;
- Third place – N100.0 million;
- Fourth place – N80.0 million; and
- Fifth place – N50.0 million.
The grant shall be utilized specifically for the development of award-winning innovations and to support the research and development of high-impact projects within or around the institution’s community.
