The Central Bank of Nigeria has launched the Tertiary Institutions Entrepreneurship Scheme (TIES) to grant financial support to undergraduates and graduates with entrepreneurial skills. The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, launched the initiative in Abuja.
According to the governor, the shortage of suitable employment prospects had made it critical for governments at all levels to implement policy measures to assist the entrepreneurial growth of young people.
The program, established in collaboration with Nigerian polytechnics and universities, aims to unlock the potential of graduate entrepreneurs by shifting their focus away from white-collar occupations, towards entrepreneurship as a means of economic development and job creation.
“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.Godwin Emefiele, CBN governor
Tertiary Institutions Entrepreneurship Scheme
The TIES loan is available for applicants who graduated within the last 7 years as well as undergraduates of polytechnics and universities. The funds are meant to be channelled into agribusiness, information and technology, creative industry, science and technology endeavours.
The loan ranges from N5 million for individual/sole proprietorship/small company projects, to N25 million for partnerships/company projects. The loan has an interest rate of five per cent per annum from now to February 2022, and nine per cent from March 1, 2022. Repayment has to be completed in five years.
For undergraduates, the apex bank will also distribute N500 million among the top five tertiary institutions under the national biennial entrepreneurship competition to raise awareness and visibility of entrepreneurial or technological innovations among undergraduates.
How to apply
To apply, log into https://cbnties.com.ng/. After clicking apply, you will be directed to enter personal details like name, email address, mobile number, BVN, home address, etc.
Graduate information required includes the name of the higher institution attended, the programme of study, year of graduation, etc.
Further information required includes Tax Identification Number, Type of Business, sector, business location, etc.
Upon filling the required spaces, corresponding documents are also to be attached before submitting.
Graduates who just want to set up businesses are required to attach feasibility reports/business plans. They are also required to submit quotations or invoices for the supply of equipment.
For undergraduates to partake in the scheme, polytechnics and universities in Nigeria are to compete in a national biennial entrepreneurship competition where they are presented by their tertiary institutions to pitch ingenious entrepreneurial or technological ideas.
Three winners from each region will compete at the national level where the top five polytechnics and universities shall be awarded the grant upon the recommendation of a Body of Experts.
The 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.
The Central Bank of Nigeria believes that with the scheme, and other programmes such as this, higher institutions will not only be ready and able to provide real solutions to the various challenges emanating from their immediate environment and even beyond, but can compete favourably with their counterparts around the world.
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