CBN Offers Graduates N500m To Create Jobs

• The fund will not be managed by the CBN, but by a body of independent experts who will be appointed by it
• The Developmental Component shall also be utilized for the general development of the MSME segment

Ekohotblog reports that the Central Bank of Nigeria, CBN, has established a N500 million endowment fund to help university and polytechnic graduates start their own businesses following graduation. According to the Godwin Emefiele-led apex bank, the goal is to support 25,000 start-ups per year while also creating 75,000 employment.

The CBN disclosed this in the guidelines for the scheme, which is known as ‘Tertiary Institutions Entrepreneurship Scheme, TIES on Thursday.

However, the apex bank stated that 50% of the businesses to be funded under the initiative will be female-oriented and that the scheme will also include N500 million in development funds to be disbursed in the form of grants to Nigerian polytechnics and universities in a national biennial entrepreneurship competition.

The CBN said in the guidelines that, “the competition is aimed at raising awareness and visibility of high-impact entrepreneurial/technological ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities, as well as encourage innovations that are commercially viable and with transformational impact.

“The Developmental Component shall also be utilized for the general development of the MSME segment in the following areas: Finance the development of the award-winning innovative entrepreneurial/technological ideas; Research and development of high-impact technological innovations and projects; and Support the development of financial infrastructure to facilitate the entrepreneurship in Nigerian polytechnics and universities.

“Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: 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.”

It further stated that, “applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with: First degree certificate (BSc/HND/ or its 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.”

The fund will not be managed by the CBN, but by a body of independent experts who will be appointed by it, the guidelines said, adding that the granst will be awarded to graduates with the best business pitches.

“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,” the CBN said, adding 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.”