CBN offers N500 million grant to graduates and undergraduates.
Another big effort to reduce unemployment in Nigeria is being done by the Central Bank of Nigeria.
The Central Bank of Nigeria has announced grants for graduates and students.
For CBN N500k grant registration you have to fill out the application on the official portal cbnties.com.ng.
The Bank has developed the Tertiary Institution Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities, to tap the potential of graduate entrepreneurs (graduate entrepreneurs) in Nigeria.
The grant was disclosed by the Central Bank of Nigeria through a circular titled ‘Guidelines for the Implementation of the Entrepreneurship Scheme of Tertiary Institutions’.
CBN N500 Million Grants for Graduates
The apex bank said TIES aims to increase access to finance for undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
The apex bank said it will, “constitute a body of private and public sector experts (BoE) for biennial regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations presented by Nigerian polytechnics and universities. (BoE) will recommend projects with high potential and transformative impact for grant award.”
Guideline for CBN Grants
- Projects financed under the scheme will be monitored by independent monitors engaged jointly by CBN and PFI.
- The scheme will be run for 10 years for the first time (not exceeding 31 December 2031) depending on the complexity of the project.
- Interest payments and principal repayments must be made on a monthly or quarterly basis based on the established cash flow cycle and as per the approved repayment schedule.
Eligibility criteria for participation in CBN N500 million Grant
Applicants under the scheme shall be graduates of Nigerian polytechnics and universities:
- First-degree certificate (BSc/HND/ or it is equivalent);
- National Youth Service Certificate (NYSC) discharge or exemption
certificate; - Certificate of Participation issued by polytechnics and universities
evidencing entrepreneurship training; and - Not more than 7 years post-NYSC.