The Central Bank of Nigeria (CBN) has shortlisted 30 tertiary institutions across the country to partake in its Maiden Tertiary Institutions Entrepreneurship Scheme (TIES).
The programme sought to empower institutions with grants to develop award-winning innovations and support research that would birth projects that are commercially viable and with economic impacts.
Speaking at the pitch competition for the grant yesterday in Abuja, the Managing Director of Sterling Bank, Abubakar Suleiman, said it would support business ideas on agriculture, creative industry, science and technology and information and communication technology.
He said with six institutions drawn from each geopolitical zone, the winner will be awarded N250m; second will go home with N200m, third, N180m, fourth, N150m and fifth will be given N120m.
He said TIES comprises three components, and the money would enable the winning institutions to turn their ideas into functional businesses that would generate employment for their students as well as the immediate community of the school.
He added that the selection process would be rigorous to identify top performers and eventually the winners.
Representing Federal University of Technology, Minna, Dr Caroline Alenoghena stated that its business idea is to set up a shea business hub.
She said with Niger State having 57 per cent of shea products in Nigeria, the idea would help rural women in the production of the product in innovative ways while a marketing and an e-commerce platform that would nurture various businesses in the shea value chain.