The Central Bank of Nigeria (CBN) has opened a N500,000 grants portal for graduates and undergraduates.
The apex bank announced the Tertiary Institutions Entrepreneurship Scheme as part of its effort to boost economic growth and reduce unemployment among graduates of Nigeria Polytechnics and Universities.
The program is intended to shift undergraduates and graduates away from the pursuit of white-collar jobs and toward a culture of entrepreneurship focused on job creation, economic growth, and long-term development.
CBN developed the Tertiary Institutions Entrepreneurship Scheme (TIES) in collaboration with academia (Universities and Polytechnics) to unleash the potential of Nigeria’s graduate entrepreneurs (gradpreneurs) by providing re-orientation, training, and an innovative financing model that will enhance the entrepreneurial ecosystem and have a transformative impact on the economy.
Details on how to apply for CBN N500,000 are available here:
The guideline’s main points
Projects funded through the scheme will be overseen by independent monitors appointed jointly by the CBN and MFIs.
This scheme will be implemented for the first time (no later than 31 December 2031), depending on the project’s complexity.
Interest and principal must be repaid on a monthly or quarterly basis, according to a schedule.
Criteria for Eligibility
Graduates of Nigerian polytechnics and universities will be eligible to apply for the scheme.
i. A first-degree certificate (BSc/HND/or an equivalent qualification);
ii. a certificate of discharge or exemption from the National Youth Service Certificate (NYSC);
iii. Certificate of Participation from polytechnics and universities demonstrating entrepreneurship training; and
iv. Not more than 7 years post-NYSC
v. Duly signed Global Standing Instruction (GSI); and
vi. Third party guarantee: a senior federal/state civil or public servant, clergy, recognized traditional ruler, professionals (lawyers, doctors, accountants, etc.), confirmed staff of established companies.