The CBN introduces Tertiary Institutions Entrepreneurship Scheme (TIES) to create a paradigm shift among undergraduates and graduates of Nigerian polytechnics and universities, from seeking white-collar jobs to entrepreneurship.
Table of Contents
When is the Application Deadline:
Ongoing
Tell Me About CBN Tertiary Institutions Entrepreneurship Scheme:
An initiative targeted at empowering graduates of Nigerian Polytechnics and Universities with entrepreneurial skills for Entrepreneurship development, Economic development and Job creation.
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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. Other specific objectives of the Scheme include:
- Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations for value creation in partnership with Nigerian polytechnics and universities for the purpose of economic development and job creation;
- 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;
- Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and
- Boost contribution of non-oil sector to the nation’s GDP.
Which Fields are Eligible?
- Agribusiness – production, processing, storage and logistics;
- Information technology – application/software development, business process outsourcing, robotics, data management;
- Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
- Science and technology – medical innovation, robotics, ticketing
What Type of Scholarship is this?
Grants
Who can apply for CBN N500m Tertiary Institutions Entrepreneurship Scheme?
Graduates of any Nigerian university or polytechnic within the past seven (7) years with entrepreneurial interest.
Scope of activities:
Agribusiness – production, processing, storage, and logistics;
Information technology – application/software development, business process outsourcing, robotics, data management;
Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; and
Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management.
Requirements:
Apply online via the designated online portal (https://cbnties.com.ng) providing requisite information and documents, such as:
First degree and NYSC discharge (or exemption certificate);
Valid mobile phone number (linked to your NIN), BVN, NIN, TIN, and email address;
Evidence of business registration (certified true copies of relevant CAC documents); and
Corporate bank account number of business.
NOTE: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact. Female entrepreneurs are encouraged to apply.
Which Countries are Eligible?
Nigeria
Where will Award be Taken?
Nigeria
How Many Scholarships will be Given?
5
What is the Benefit of CBN N500m Tertiary Institutions Entrepreneurship Scheme?
Prohibition:
Trading activities shall not be eligible for financing under the Scheme.
Loan features:
• N5.0 million for individual/sole proprietorship/small company projects; and
• N25.0 million for partnerships/company projects
• Interest rate: 5% per annum (9% effective from March 1, 2022 or as may be prescribed by the CBN)
• Tenor: Five (5) years
• Moratorium: 12 months
2. Equity Investment
Eligibility:
Start-ups, existing businesses expanding or ailing businesses.
Scope of activities:
The equity investments shall be in enterprises operating within the eligible scope of activities. Applications for participation under the window shall be through submission of application on https://cbnties.com.ng
Investment Limit:
Subject to the limit prescribed in the AgSMEIS Guidelines.
Investment Period:
i. Investment made shall be for a maximum period of ten (10) years (not exceeding December 31, 2031).
ii. There shall be a 3-year lock-in period before exit in order to encourage value creation and boost managerial capacity of business.
NOTE: The equity investment shall be implemented under the AgSMEIS Equity window.
3. Developmental (Grant) Component
Polytechnics and universities in Nigeria shall compete in the national biennial entrepreneurship competition to raise awareness and visibility of entrepreneurial or technological innovations among undergraduates.
Applications for participation under the Development window shall be through submission of application on https://cbnties.com.ng
Body of Experts (BoE) shall be constituted from the private and public sector to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.
Top five (5) polytechnics and universities at the national level shall be
awarded the grant prize on the recommendation of the Body of Experts
(BoE).
Grant awards:
First place – N150.0 million;
Second place – N120.0 million;
Third place – N100.0 million;
Fourth place – N80.0 million; and
Fifth place – N50.0 million.
The grant shall be utilised specifically for the development of the awardwinning innovations and to support research and development of highimpact projects within or around the institution’s community.
Scope of activities:
Agribusiness, information technology, creative industry and science & technology.
How to Apply for CBN Tertiary Institutions Entrepreneurship Scheme:
To apply visit : https://cbnties.com.ng/register
Visit CBN Tertiary Institutions Entrepreneurship Scheme Webpage for Details
