The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has formally launched the Tertiary Institutions Entrepreneurship Scheme (TIES), with a charge to beneficiaries to utilize the loans for the purpose it was meant for.
Emefiele also inaugurated an 11-member Body of Experts to oversee the screening of prospective beneficiaries of the scheme aimed at tackling unemployment and underemployment among Nigerian youth.
Performing the launch at the Bank’s Head Office in Abuja on Thursday, Emefiele disclosed that the formal launch of the TIES and inauguration of the Body of Experts (BoE) for the Scheme’s Developmental Component underscored the critical roles youth play in building new blocks for economic growth, particularly as the country’s national growth was highly dependent on a strong and competitive business.
He said the scheme was developed in partnership with Nigerian polytechnics and universities, to harness the potential of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation.
“Bridging their financing gaps and enhancing access to low-cost credit to drive the development of business is a task that can only be addressed by an innovative financing model that correlates with the complexity and dynamics of these small businesses,” he posited.
According to him, the TIES was designed to address three verticals – the Term Loan component, the Equity Investment component and the Development Grant Component.
While the Term Loan component provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation; the Equity Investment Component is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation.
The third vertical – Developmental Grant Component – is aimed at raising awareness and visibility of entrepreneurship among undergraduates of Nigerian tertiary institutions. Under this vertical, polytechnics and universities in Nigeria are expected to compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch.
The highpoint of the ceremony was the presentation of symbolic cheques to the five maiden beneficiaries of the TIES: Ukpabi Chukwudi, Simeon Ojonugwa Ojogbane, Aisha Suleiman, Nura Muhammad Abdullahi, Zainab Muhammad, and Adebowale Olawuyi, who were among those who submitted their applications via the dedicated portal and had their applications processed.
