The Central Bank of Nigeria (CBN) has said that it has introduced a new 500 million naira grant to support youth in tertiary institutions as well as graduates.
According to CBN, this grant is to promote entrepreneurship in the country and reduce unemployment.
The Central Bank of Nigeria disclosed this in a statement, titled “Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.’
The Statement, in part, reads;
“5 top Nigenan polytechnics and universities with the best entrepreneurial ideas shall be awarded as follows: First place=>N150m, Second place=>N120m, Third place—l=>N100m, Fourth place=>N80m, and Fifth place=>N50m”‘
according to the CBN, the activities the grant would coyer include innovative start-ups and existing businesses owned by graduates of Xigenan polytechnics and universities in areas such as agri-business, information technology, creative industry, science and technology.
The apex bank added that agn-business would include production, processing, storage, and logistics, while information technology would include application/ software development, business process outsourcing, robotics, and data management.
The creative industry includes entertainment, publishing, culinary/ event management, fashion, photography, artwork, beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.
According to the CBX, the interest rate for the fund is 5% [five percent per annum] and 9% [nine percent] starting from March 1, 2022 or as may be prescribed by the Central Bank.
Interested applicants must submit an application through the CBN designated online portal and provide all the required documentation to support the application.
Note: Prionlx will be given to entrepreneurial ideas with high potential for export, job creation, and transformational impact.
Register for CBN Grant / Loan Updates
To know immediately about the Central Bank of Nigeria (CBN) grant / loan news update, and upcoming CBN Loan News in the near future, you can subscribe to our VoiceofNigeria Free Email Alert Service. Surely you can get an instant email of the latest alerts.
Steps to Subscribe free News
CBN Grant N500m for Undergraduates & Graduates
CBN Disbursement Of Intervention Funds Begins.
Advice On CBN Covid-19 Loan.
CBN received over 8m applications for COVID-19 loans
Apply free CBN NIRSAL microfinance Covid loan in 2021
CBN says N3bn lent to 7,057 Nigerian youths
Apply for CBN MSMEDF Loan 2021 – Application Portal
Npower News: Volunteers Will Get SANEF/270k CBN Loan
CBN disburses N253 billion to families and small businesses.
COVID-19: How to access CBN’s N150b loan