Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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CBN To Offer N500 Million Grant to Graduates, Undergraduates with the Best .

We are pleased to announce to the general public that the CBN is to offer N500 million grant to graduates, undergraduates with the best Entrepreneurship Pitch in Nigeria.

Interested persons should carefully read through this article to know how to apply.

In a bid to reduce unemployment, the Bank of Nigeria has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

This was disclosed by the Bank of Nigeria in a circular, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’, dated October 2021.

The apex bank stated that the goal of the TIES is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

What the CBN is saying

The apex bank stated that the development of TIES was to address the trend of graduates seeking white collar jobs and turn their attention to the creation of jobs.

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.”

Regarding the grant, the CBN would distribute N500million among the top 5 tertiary institutions with the best pitch.

Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

CBN said, “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 apex bank 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 award.”

Key highlights of the guideline

  • Projects financed under the Scheme shall be by independent monitors jointly engaged by the CBN and PFI
  • The Scheme would 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 a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.
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Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

Eligibility criteria for participation

Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:

i. First-degree certificate (BSc/HND/ or it is equivalent);
ii. National Youth Service Certificate (NYSC) discharge or exemption
certificate;
iii. Certificate of Participation issued by polytechnics and universities
evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC

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Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

Important Notes

  • The above statements are intended to describe the general nature and level of work to be performed by people assigned to this job.
  • They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
  • All personnel may be required to perform other responsibilities in addition to those specified from to time, as needed.
  • We do not charge any application, processing, training, interviewing, testing or other fee in connection with the application or recruitment process. Should you a solicitation for the payment of a fee, please disregard it.
  • Furthermore, please note that emblems, logos, names and addresses are easily copied and reproduced. Therefore, you are advised to apply particular care when submitting personal information on the web.
  • We are an equal opportunity employer and value diversity inclusion. We do not discriminate on grounds of colour, race, nationality, religion, age, ethnic origin, disability, gender, marital status, or orientation in our employment practices
  • Our people are all equally gifted in unique ways: we come from diverse traditions, personal experiences and points of view. And we want to include yours, Are you ready to inspire us with your ideas?
  • We encourage all applicants to apply and does not practice any discrimination in any recruitment process.
  • Applications submitted after the deadline will not be considered.
  • Due to the urgency of the position, we have the right to recruit a who matches the required profile before the above deadline
  • Only qualified candidates will be invited for interview

Publisher’s Note:

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Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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