The Central Bank of Nigeria, CBN, has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment.
The CBN disclosed this on Wednesday in a report, titled: “Guidelines for the implementation of tertiary institutions entrepreneurship scheme”.
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“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said.
The CBN disclosed that the Tertiary Institutions Entrepreneurship Scheme (TIES) is in partnership with Nigerian polytechnics and universities to harness the potentials of graduate entrepreneurs (gradpreneurs).
According to the guidline, the broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
Other specific objectives of the Scheme include providing an enabling environment for co-creation, mentorship, and development of entrepreneurial and technological innovations.
Activities to be covered under the Scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the areas of agribusiness, Information technology, Creative Industry, Science and Technology.
Individuals will be entitled to a loan limit of N5.0 million with a maximum of 5 years tenor at an interest rate of 5 per cent per annum (9% effective from March 1, 2022 or as may be prescribed by the CBN).
For partnership, the loan limit is N25.0 million and a tenor of 5 years also at an interest rate of 5 per cent per annum (9% effective from March 1, 2022 or as may be prescribed by the CBN).