CBN Grants Grants for Graduates aims to Aid in the Reduction of Unemployment in Nigeria
The Federal Government of Nigeria and the Central Bank of Nigeria have devised a new strategy to address the country’s unemployment problem.
The CBN launches the Tertiary Institutions Entrepreneurship Scheme (TIES) to encourage undergraduates and graduates of Nigerian polytechnics and universities to pursue entrepreneurship rather than white-collar jobs.
CBN has created grants for graduates and students. A new portal for registering for the CBN N500m grant has also been launched.
Pex Bank has stated that its Tertiary Institutions Entrepreneurship Scheme (TIES) aims to improve access to finance for Nigerian polytechnic and university graduates, as well as graduates with innovative business and technical ideas.
According to the central bank, the main goal of establishing TIES is to reverse the trend of white-collar job seekers and instead focus on job creation.
“The scheme is intended to create a paradigm shift in an entrepreneurial culture from a “white-collar” job search culture to economic growth and job creation among undergraduates and graduates,” according to CBN.
The CBN will allocate funds for grants. One of the top five third-best distribution organizations.
According to the CBN, “the top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded first place: N150 million; second place N120 million; third place N80 million; fourth place N80 million; and fifth place N80 million.” “N50m” for location.
Apex Bank has announced the formation of a private and public sector expert organization (BoE) to conduct two-year regional and national entrepreneurship competitions to evaluate the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities. The BoE will recommend projects with high potential.
Projects funded through the scheme will be monitored by independent monitors appointed jointly by the CBN and MFIs.
Interest and principal must be repaid on a monthly or quarterly basis, in accordance with a predetermined cash flow cycle and an approved repayment schedule.
CBN Grant for Graduates Requirements
Graduates of Nigerian Polytechnics and Universities will be eligible to apply for the scheme:
- Bachelor’s degree (BSc/HND/or equivalent);
- Discharge or exemption certificate from the National Youth Service Certificate (NYSC);
- Certificates of Participation issued by polytechnics and universities demonstrating entrepreneurship training;
- Not more than 7 years after completing the NYSC
How to Apply for the N500m CBN Grants for Graduates
- Visit the official application portal
- Read the Tertiary Institutions Entrepreneurship Scheme Guidelines (TIES)
- Choose a loan type: (Tier 1 – Sole Proprietorship or Tier 2 – Small Company/Enterprise)
- Enter your NYSC callup number
- Fill in the NYSC Certificate Number, NYSC Certificate Year, and Graduation Year
- Fill in your personal information and click the Validate button
- Submit the form
- Verify your email address and log in using your credentials
- Fill out the CBN Grant Form and submit it.