In an effort to combat the country’s rising unemployment rate, the Central Bank of Nigeria (CBN) announced a new grant for the undergraduates and graduates of all Nigerian Universities and Polytechnics on Wednesday.
The grant was created as part of the Tertiary Institutions Entrepreneurship Scheme (TIES) in order to provide an innovative financing model that will increase job opportunities, enhance entrepreneurship development and support the growth of the economy. What we will be looking at in this article is the criteria/requirements to be eligible for the CBN 500 Million Grant as a graduate or an undergraduate student of any Nigerian Tertiary Institution.
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According to CBN, TIES would allow both graduate and undergraduate students of any Nigerian Tertiary Institutions to obtain funds to establish a business of their own.
"The Scheme is aimed to encourage a paradigm shift among undergraduates and graduates from pursuing white-collar employment to a culture of entrepreneurship development for economic development and job creation" - CBN
Requirements
The Requirements are listed below:
- A valid Email Address,
- A valid phone number linked to your NIN, BVN, NIN, TIN,
- First degree and NYSC discharge (or exemption certificate),
- Corporate bank account number of business and
- Evidence of business registration (certified true copies of relevant CAC documents).
Eligibility:
To be eligible for the grant, you must be a graduate of any Nigerian university or polytechnic within the past seven (7) years and with entrepreneurial interest.
NOTE: Priority will be given to innovative entrepreneurial activities with high potentials for job creation, export goals and transformational impact that will benefit the country's economy. Also Female entrepreneurs are highly encouraged to apply and register.
Prohibition:
Trading activities will not be eligible for financing under the Scheme.
Loan features:
- N5.0 million naira for individual/sole proprietorship/small company projects and
- N25.0 million naira for partnership/company projects
- Interest rate: 5% per annum (9% effective from March 1, 2022, or as may be prescribed by the CBN)
- Moratorium: 12 months
- Tenor: Five (5) years
How to Apply for the Grant
The application portal for the empowerment is now up and running already for those who want to register. You can apply online via the designated online portal – visit https://cbnties.com.ng to get started.
Grant awards:
The CBN stated that the N500 million will be distributed to the top five tertiary institutions with the greatest entrepreneurial concepts or ideas.
- First place – N150 Million Naira,
- Second place – N120 Million,
- Third place – N100 Million,
- Fourth place – N80 Million and
- Fifth place – N50 Million.
The grant shall be utilized specifically for the development of award-winning innovations and to support the research and development of high-impact projects within or around the institution’s community.