CBN New Grant Portal: Apply for CBN N500k Grants for Graduates, Undergraduates: The Central Bank of Nigeria introduces N500 grant for Graduates and undergraduates across the country. The CBN grant initiative is aimed at reducing unemployment among youths. In this post, we will show you how to apply or register for the CBN grant. Just keep reading this article.
Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
The apex bank stated that the goal of the TIES is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
What the CBN is saying / CBN Introduces N500 Grants for Graduates
The apex bank stated that the development of TIES was to address the trend of graduates seeking whitecollar jobs and turn their attention to the creation of jobs.
CBN stated that “the Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”
Regarding the grant, the CBN would distribute N500million among the top 5 tertiary institutions with the best pitch.
CBN stated that “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
- Fifth place – N50m
The apex bank stated that it, ”shall constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities. The Body of Experts (BoE) shall recommend projects with high potential and transformational impact for the grant award.”
Steps and Guidelines to Apply for CBN N500,000 Grants
Note the following:
Projects financed under the Scheme shall be monitored by independent monitors jointly engaged by the CBN and PFI
The Scheme would be operated for 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
Interest payment and principal repayment should be made on a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.
Eligibility for CBN N500,000 Grants for Graduates
Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:
- First-degree certificate (BSc/HND/ or it is equivalent)
- National Youth Service Certificate (NYSC) discharge or
- Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
- Not more than 7 years post-NYSC.
How to Apply for CBN N500,000 Grant
Interested and qualified persons Click here to apply
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