In a bid to reduce the rate of unemployment in Nigeria, The CBN (Central Bank of Nigeria) has developed a new strategy that involves offering 500k Grants to young entrepreneurs. The strategy is aimed at alleviating unemployment in Nigeria.
For young entrepreneurs looking to start up businesses or develop skills, this is a golden opportunity. The Tertiary Institutions Entrepreneurship Scheme (TIES) was also introduced for the purpose of encouraging undergraduates and graduates of universities and Nigeria polytechnic to venture fully into entrepreneurship rather than seeking white-collar jobs.
The new portal for the CBN N500k grant registration has been activated.
According to APex Bank, the Tertiary Institutions Entrepreneurship Scheme was created to encourage entrepreneurial development by increasing access to finances for Nigerian polytechnics and university graduates with innovative business and technical ideas.
CBN also explained that the scheme is designed to reduce the rate of white collar job seekers and focus on the creation of jobs and innovative ideas.
The CBN further stated that “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 an allocation of N50m “,
The funds is also said to be allocated through one of the top 53rd best distribution organizations.
Apex Bank had earlier announced that a private and public sector expert organization (BoE) will be formed after which a two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities would be held.
The organization (BoE) is also set to recommend variable impact on the award of the grant and high-potential projects .
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Thanks for the help