CBN provides a gift of N500 million to graduates and students.
The Central Bank of Nigeria is also making significant efforts to minimize unemployment in the country.
The Nigerian Central Bank has announced scholarships for graduates and students.
To register for the CBN N500k grant, you must complete the application on the official website, cbnties.com.ng.
In conjunction with Nigerian polytechnics and universities, the Bank has established the Tertiary Institution Entrepreneurship Scheme (TIES) to leverage the potential of graduate entrepreneurs (graduate entrepreneurs) in Nigeria.
The Central Bank of Nigeria disclosed the grant in a circular titled “Guidelines for the Implementation of the Tertiary Institutions Entrepreneurship Scheme.”
500 Million Naira CBN Grants for Graduates
The apex bank stated that TIES intends to increase access to financing for Nigerian undergraduates and graduates with innovative entrepreneurial and technology concepts.
The central bank said that it would “establish a body of private and public sector experts (BoE) for biannual regional and national entrepreneurship competitions to evaluate the entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.” (BoE) will recommend for grant funding projects with significant potential and revolutionary impact.”
Guideline for CBN Grants
Independent monitors would be hired jointly by CBN and PFI to oversee projects financed under the plan.
Depending on the project’s complexity, the program will be implemented for the first time for a period of 10 years (no longer than 31 December 2031).
Monthly or quarterly interest and principal payments must be paid in accordance with the defined cash flow cycle and the approved repayment schedule.
Important News:
Eligibility conditions for participating in CBN N500 million Grant
Applicants for the program must be graduates of Nigerian universities and polytechnics:
First-degree credential (BSc/HND/or equivalent); National Youth Service Certificate (NYSC) discharge or exemption certificate; Certificate of Participation provided by polytechnics and universities demonstrating entrepreneurship training; and
Not exceeding seven years post-NYSC.
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