The Central Bank of Nigeria has concluded plans to support talented youths in tertiary institutions in Nigeria for entrepreneurial development and reduce unemployment in the country, through the CBN Tertiary Institutions Entrepreneurship Scheme – TIES.
This is contained in a report by the Bank titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. The grant, totalling N500m will be made available to five Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas to support their students in entrepreneurial development.
“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m.”
Grant Coverage
The CBN Tertiary Institutions Entrepreneurship Scheme is designed to covere innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the following areas:
- Agribusiness – production, processing, storage and logistics
- Information technology – application/software development, business process outsourcing, robotics and data management
- Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics.
- Science and Technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.
How to Apply for TIES 2021
Polytechnics and universities in Nigeria shall compete in the national biennial entrepreneurship competition to raise awareness and visibility of entrepreneurial or technological innovations among undergraduates.
Applications for participation under the Development window shall be through submission of application on https://CBNties.com.ng
The CBN shall constitute a Body of Experts (BoE) from the private and public sector to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.
The top five (5) polytechnics and universities at the national level shall be awarded the grant prize on the recommendation of the Body of Experts (BoE) and the grant would be distributed in the following format.
- First place N150.0 million;
- Second place N120.0 million;
- Third place N100.0 million;
- Fourth place N80.0 million; and
- Fifth place N50.0 million.
Requirements For CBN Grant For Graduates
The requirements for application for the CBN Grant for graduate entrepreneurial development include:
- Valid mobile phone number (linked to your NIN), BVN, NIN, TIN.
- Functional Email address.
- Evidence of business registration (certified true copies of relevant Corporate Affairs Commission CAC documents)
- Corporate business bank account number; and
- First degree and NYSC discharge (or exemption certificate.
To apply for the CBN Tertiary Institutions Entrepreneurship Scheme N500m Grant, beneficiary must apply through a dedicated online portal and provide all requisite documentation to support their application.
Method of Application For CBN Grant For Graduates and How To Access CBN Grant
Interested Applicants should follow the steps below to apply
- Visit https://CBNties.com.ng/register for TIES Pre-Qualification access.
- Click on the CBN Graduate Grant you are qualified for.
- Click Apply Now.
- Next page Click on Proceed and Fill in your details: Loan Type, NYSC Certificate Number, Year Of NYSC Certificate, Year of Graduation, Personal Details, First Name, Last Name, Email, Password, and Confirm Password.
- Finally, click Submit.
Applicants should note that consideration would be given to only innovative entrepreneurial activities with high potential for job creation, export and transformational impact.