CBN Grant N500m for Undergraduates

CBN Grant N500m for Undergraduates

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”‘

Also,

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.

Interest Rate

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.

Application procedures

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.

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