The Central Bank of Nigeria (CBN), as part of its policy measures to address rising youth unemployment and underemployment, has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES) to create a paradigm shift among undergraduates and graduates of Nigerian polytechnics and universities, from seeking white-collar jobs to entrepreneurship.
The Scheme aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth.
Below are the criteria for application:
- Applicants must be graduates of Nigerian universities or polytechnics,
Must possess First Degree Certificate (BSc, HND, or it is equivalent),
- Applicants must possess National Youth Service Corps (NYSC) Certificate (Discharge or Exemption letter),
- Must have a certificate of participation issued by a university or polytechnic as evidence of entrepreneurship training,
- Must not be more than 7 years of post-NYSC.
Application for the CBN N500m Grant for Undergraduates and Graduates can be done online via CBN dedicated portal at https://CBNties.com.ng/register
According to the CBN, the broad objective of the scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
Other specific objectives of the Scheme include the provision of an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations for value creation in partnership with Nigerian polytechnics and universities for the purpose of economic development and job creation.
The scheme is also aimed at fast-tracking ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria.
The apex bank further stated that the scheme aims to promote gender balance in entrepreneurship development through capacity development and improved access to finance.
It also plans to leapfrog the entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners, while also seeking to boost the contribution of the non-oil sector to the nation’s GDP.