To reduce unemployment, the Central Bank of Nigeria has developed grants for graduates and students. Visit cbnties.com.ng portal for CBN N500k grants registration.
Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities to exploit the potential 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.
The Supreme Bank said the creation of the TIES aims to address the trend of white-collar job seekers and focus on job creation.
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, “said CBN.
As for the grant, CBN will allocate N500 million. among the top 5 third best delivery organizations.
CBN said: “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends / 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 “,
Apex Bank has announced that it will form a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities. BoE will recommend high-potential projects. and the variable impact on the award of the grant.
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.
Eligibility Criteria / CBN presents N500 scholarships to graduates
Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:
First-degree certificate (BSc/HND/ or it is equivalent);
ii. National Youth Service Certificate (NYSC) discharge or
iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC
Is TIES a grant?
- The Term Loan Component is NOT a grant but a loan repayable over an agreed tenor for a specific purpose with clear terms and conditions.
- The Equity Investment Component shall be in the form of injection of fresh capital for start-ups, expansion of established businesses or reviving of ailing entrepreneurial businesses. The Component shall be implemented under the AGSMEIS Equity window.
- The Development Component of TIES is in form of grants to Nigerian Polytechnics and Universities after participating and coming top in a National biennial (ie. once in 2 years) entrepreneurship competition. The competition is aimed at raising awareness and visibility of highimpact 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.
Who is eligible to apply for TIES?
Graduates of Nigerian Polytechnics and Universities shall be eligible to participate under the Term Loan Component.
What is the interest rate for TIES?
5% from now to February 2023 ( and 9% from March 2023).
How will the loan repayment be scheduled?
Interest payment and principal repayment shall be made on monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.