Unemployment in Nigeria is at its peak and efforts are being made by the Central Bank to reduce it.
CBN has developed grants for graduates and students. The new portal for CBN N500k grant registration has also been activated
Pex Bank has made it clear that their Tertiary Institutions Entrepreneurship Scheme – (TIES) aims to increase access to finance for Nigerian polytechnic and university graduates and graduates with innovative business and technical ideas.
Central Bank of Nigeria (CBN) N500K Grant
The central bank said that the main objective of creating TIES is to overcome the trend of white-collar job seekers and focus on job creation.
The scheme is designed to create a paradigm shift from a “white-collar” job search culture in an entrepreneurial culture to economic growth and job creation between undergraduates and graduates, “said CBN.
For grants, CBN will allocate funds. One of the top 5 3rd best distribution organizations.
CBN said: “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends / ideas will be awarded first place: N150 m; second place N120 m; third place N80 m; fourth place N80 m and fifth place. Location – N50m “,
Apex Bank has announced that it will form a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities. BoE will recommend high-potential projects. and the variable impact on the award of the grant.
Key highlights of the guideline / CBN Introduces N500 Grants for Graduates
Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.
This scheme will run for the first time (no later than 31 December 2031) in 10 years, depending on the complexity of the project.
Repayment of interest and principal must be made on a monthly or quarterly basis according to a set cash flow cycle and according to an approved repayment schedule.
Eligibility Criteria / CBN presents N500 scholarships to graduates
Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:
i. First-degree certificate (BSc/HND/ or it is equivalent);
ii. National Youth Service Certificate (NYSC) discharge or
exemption certificate;
iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC
How to Apply for CBN graduates Grants / CBN Introduces N500 Grants for Graduates
Interested persons can click the link to apply
cbnties.com.ng