As part of efforts to address rising youth unemployment in Nigeria, the Central Bank of Nigeria,(CBN) has released Guidelines for the implementation of Tertiary Institutions Entrepreneurship Scheme (TIES).
In the guidelines made available to journalists in Abuja, the apex bank explained that the scheme is in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
According to CBN, 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.
It was stated that the Scheme thus aims to provide an innovative financing model that will create jobs, will also enhance the entrepreneurial ecosystem and support economic growth and development.
The apex bank noted that the broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
”The Central Bank of Nigeria, pursuant to the CBN Act, 2007 and as part of its policy measures to address rising youth unemployment and underemployment, developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
”Fast track ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria; Promote gender balance in entrepreneurship development through capacity development and improved access to finance; Boost contribution of the non-oil sector to the nation’s GDP,” said the CBN.
The CBN noted that in order to ensure that the Scheme achieves its desired objective and targets, the focal targets under the Scheme shall include the number of: Gradpreneur-led innovative start-ups and businesses with access to finance under the Scheme – 25,000 annually; Sustainable jobs created by gradpreneur-led businesses financed under the Scheme – 75,000 annually.
It stated that ”Female-entrepreneurs financed as a percentage of total projects financed under the Scheme – 50 per cent per annum; Agropreneurs financed as a percentage of total projects financed under the Scheme – 40 percent per annum; Creative entrepreneurs financed as a percentage of total projects financed under the Scheme – 20 percent per annum.
According to the CBN, the applicant shall apply as a business entity registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted; Bank Verification Number (BVN); First degree certificate (BSc/HND or its equivalent); National Youth Service Certificate (NYSC) discharge or exemption certificate; and Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training.
The CBN disclosed that the 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.
The apex bank stated that the grants shall be in the following areas: Agribusiness; Information technology; Creative industry; and Science and technology.
Unemployment: CBN releases guidelines for Tertiary Institutions Entrepreneurship Scheme