BizWatch Nigeria recalls that the Central Bank of Nigeria (CBN) unveiled an entrepreneurship scheme for both undergraduates and graduates to develop their business ideas and expand their businesses.
CBN, in a guideline of the ‘‘Tertiary Institutions Entrepreneurship Scheme (TIES), said that about 25,000 start-ups will benefit from the scheme annually and are expected to create 75,000 jobs.
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.
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According to the guidelines, “The competition is aimed at raising awareness and visibility of high-impact entrepreneurial/technological ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities, as well as encourage innovations that are commercially viable and with transformational impact.
“The Developmental Component shall also be utilized for the general development of the MSME segment in the following areas: Finance the development of the award-winning innovative entrepreneurial/technological ideas; Research and development of high-impact technological innovations and projects; and Support the development of financial infrastructure to facilitate the entrepreneurship in Nigerian polytechnics and universities.
Interest payment and principal repayment shall 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.
Eligibility Criteria for Participation
Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:
First degree certificate (BSc/HND/ or its 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.
How To Apply For CBN Undergraduate, Graduate TIES Grant
To Apply for this Scheme, applicants should follow this link to apply online via CBN dedicated portal.
Carefully input all of your details.
N500 million among the top five tertiary institutions with the best entrepreneurial pitches or ideas.
Scheme is designed to create à 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.
Ist position takes N150m
2nd position goes with N120m
3rd position is N100m
4th place is N80m, and
5th position takes N50m