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The persistent issue of unemployment in Nigeria is being targeted by a new plan put forth by the Federal Government and the Central Bank of Nigeria (CBN).
This initiative aims to refocus the attention of Nigerian undergraduates and graduates away from white-collar job aspirations and towards entrepreneurship.
The Tertiary Institutions Entrepreneurship Scheme (TIES)
CBN has launched a program known as the Tertiary Institutions Entrepreneurship Scheme (TIES).
This program encourages students and recent graduates of Nigerian polytechnics and universities to start their own businesses instead of seeking traditional white-collar employment.
“The scheme is designed to create a paradigm shift from a ‘white-collar’ job search culture to an entrepreneurial culture for economic growth and job creation among undergraduates and graduates,” said CBN.
Grants for Graduates and Students
CBN has created grants specifically for recent graduates and students, with the announcement of a new registration portal for the CBN N500 million grant.
The primary objective of creating TIES is to alleviate the trend of white-collar job seekers and focus on job creation.
Pex Bank has reiterated that the goal of TIES is to widen financial resources for Nigerian university and polytechnic graduates with innovative business and technological ideas.
Allocation of Funds by CBN
CBN will allocate funds for grants and has recognized the top 5 distribution organizations in this initiative.
CBN stated, “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded: First place: N150m; Second place: N120m; Third place: N80m; Fourth place: N80m, and Fifth place: N50m.”
The Apex Bank has also announced that it will establish a Board of Experts (BoE) consisting of private and public sector professionals for two-year regional and national entrepreneurship competitions.
The goal of these competitions is to evaluate the innovative business ideas and technological advancements from Nigerian polytechnics and universities. The BoE will recommend projects with high potential for awarding the grants.
Key Highlights of the Guideline – CBN Introduces N500m Grants for Graduates
Projects funded under this scheme will be supervised by independent monitors set up collaboratively by CBN and MFIs.
This initiative is intended to run for the first time, no later than 31st December 2031, spanning ten years depending on the complexity of the project.
Repayment of interest and principal must be made monthly or quarterly based on an established cash flow cycle and in accordance with an approved repayment schedule.
Eligibility Criteria – CBN Presents N500m Grant to Graduates
Applicants under the scheme should be graduates from Nigerian Polytechnics and Universities. They should possess:
- A First-degree certificate (BSc/HND/ or equivalent);
- National Youth Service Certificate (NYSC) discharge or exemption certificate;
- Certificate of Participation from polytechnics and universities evidencing entrepreneurship training;
- Not more than 7 years post-NYSC
Register for New CBN Grant Updates
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Then, click on the “Register” button. Login to your email to verify your free subscription.
How to Apply for the CBN N500m Grants for Graduates
The official bank website should be the only platform used for applying.
- Visit the official portal: https://cbnties.com.ng/ 2
- . Read the guidelines for the Tertiary Institutions Entrepreneurship Scheme (TIES).
- Click on the “Proceed” button.
- Select the Loan Type: (Either Tier 1 – Sole Proprietorship or Tier 2 – Small Company /Enterprise)
- Enter your NYSC Callup Number. NYSC request might take a minute to process.
- Fill in the NYSC Certificate Number, Year Of NYSC Certificate, and Year of Graduation.
- Fill in your Personal details and click on validate.
- Submit the form.
After verifying your email and logging in with your valid credentials, fill the CBN Grant Form and submit.
This initiative by the Federal Government and CBN is a commendable step towards curbing unemployment by fostering an entrepreneurial culture amongst the youth. Take advantage of this opportunity and register for the grant today.