Post by Trade facilitator on Oct 28, 2021 9:39:50 GMT 1
The Central Bank Of Nigeria (CBN) Introduces N500 Million Grant For Graduates and Undergraduates In Nigeria With The Best Entrepreneurship Pitch
The battle to reduce unemployment in Nigeria has sincerely begun; the Federal Government of Nigeria (FGN) has actually taken the bull by the horns by taking a practical step to take our graduates and undergraduates out of the streets.
In order to accomplish this, the Central Bank of Nigeria (CBN) has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities to harness the potential of graduate entrepreneurs (gradpreneurs) in the country.
The Central Bank of Nigeria (CBN) disclosed this in a circular, title ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’, dated October 2021.
In the circular, the CBN disclosed that the goal of the scheme (TIES) is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative and entrepreneurial and technological ideas.
The bank said that the reason for the development of the programme was to address the trend of graduates seeking white-collar jobs and turn their attention to creation of jobs themselves.
CBN stated that “The scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”
The CBN said that they are going to distribute the grant of N500 million among the top 5 (five) tertiary institutions with the best pitch.
The CBN said “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
First place – N150 million
Second place – N120 million
Third place – N100 million
Fourth place – N80 million
Fifth place – N50 million
The CBN stated that “It shall constitute a body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.
The Body of Experts ((BoE) shall recommend projects with high potential and transformational impact for the grant.”
Eligibility criteria for participation:
Applicants under the scheme shall be graduates of Nigerian polytechnics and universities with:
First Degree Certificate (BSc/HND/or its equivalent);
National Youth Service Certificate (NYSC) discharge or exemption certificate;
Certificate of participation issued by polytechnics and universities evidencing entrepreneurship training; and
No more than 7 years post NYSC.
Major Highlights of the guideline:
Projects financed under the scheme shall be monitored by independent monitors jointly engaged by the CBN and PFI
The scheme will be operated for 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
Interest payment and principal repayment should be made on monthly or quarterly basis by the obligor depending on the established cashflow cycle and in line with approved repayment schedule.
In the same vein, the CBN has said that it will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.
Mr. Godwin Emefiele, the CBN Governor disclosed that increased access to finance to start-ups and SMEs was highly essential for the nation’s economy to grow.
He said “The potential of SMEs in enhancing economic growth is hampered by limited access to finance, inadequate infrastructure and poor digital penetration. I urge the government and the private sector to provide more support in addressing the challenges of SMEs in the country.
Specifically, as users of new technology, I advise that policies that would incentivize the adoption of innovations that would improve SMEs competitiveness and productivity should be made”.
The CBN Governor advised the tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets.
He also advocated enhanced collaboration between universities and players in key sectors of the economy – agriculture, manufacturing and Information Technology.
The battle to reduce unemployment in Nigeria has sincerely begun; the Federal Government of Nigeria (FGN) has actually taken the bull by the horns by taking a practical step to take our graduates and undergraduates out of the streets.
In order to accomplish this, the Central Bank of Nigeria (CBN) has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities to harness the potential of graduate entrepreneurs (gradpreneurs) in the country.
The Central Bank of Nigeria (CBN) disclosed this in a circular, title ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’, dated October 2021.
In the circular, the CBN disclosed that the goal of the scheme (TIES) is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative and entrepreneurial and technological ideas.
The bank said that the reason for the development of the programme was to address the trend of graduates seeking white-collar jobs and turn their attention to creation of jobs themselves.
CBN stated that “The scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”
The CBN said that they are going to distribute the grant of N500 million among the top 5 (five) tertiary institutions with the best pitch.
The CBN said “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
First place – N150 million
Second place – N120 million
Third place – N100 million
Fourth place – N80 million
Fifth place – N50 million
The CBN stated that “It shall constitute a body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.
The Body of Experts ((BoE) shall recommend projects with high potential and transformational impact for the grant.”
Eligibility criteria for participation:
Applicants under the scheme shall be graduates of Nigerian polytechnics and universities with:
First Degree Certificate (BSc/HND/or its equivalent);
National Youth Service Certificate (NYSC) discharge or exemption certificate;
Certificate of participation issued by polytechnics and universities evidencing entrepreneurship training; and
No more than 7 years post NYSC.
Major Highlights of the guideline:
Projects financed under the scheme shall be monitored by independent monitors jointly engaged by the CBN and PFI
The scheme will be operated for 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
Interest payment and principal repayment should be made on monthly or quarterly basis by the obligor depending on the established cashflow cycle and in line with approved repayment schedule.
In the same vein, the CBN has said that it will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.
Mr. Godwin Emefiele, the CBN Governor disclosed that increased access to finance to start-ups and SMEs was highly essential for the nation’s economy to grow.
He said “The potential of SMEs in enhancing economic growth is hampered by limited access to finance, inadequate infrastructure and poor digital penetration. I urge the government and the private sector to provide more support in addressing the challenges of SMEs in the country.
Specifically, as users of new technology, I advise that policies that would incentivize the adoption of innovations that would improve SMEs competitiveness and productivity should be made”.
The CBN Governor advised the tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets.
He also advocated enhanced collaboration between universities and players in key sectors of the economy – agriculture, manufacturing and Information Technology.
