The Central Bank of Nigeria (CBN) has launched a graduate entrepreneurship scheme with the goal of supporting 25,000 start-ups and creating 75,000 employment each year.
The CBN stated this in the guidelines for the scheme, known as the “Tertiary Institutions Entrepreneurship Scheme (TIES),” adding that the scheme’s broad goal is to improve access to finance for undergraduates and graduates of Nigerian polytechnics and universities with innovative entrepreneurial and technological ideas.
“The competition is aimed at raising awareness and visibility of high-impact entrepreneurial/technological ideas among undergraduates, promoting entrepreneurial talent hunts in Nigerian polytechnics and universities, and encouraging commercially viable and transformational innovations,” according to the guidelines.
“The Developmental Component shall also be used for general MSME segment development in the following areas: finance the development of award-winning innovative entrepreneurial/technological ideas; research and development of high-impact technological innovations and projects; and support the development of financial infrastructure to facilitate entrepreneurship in Nigerian polytechnics and universities.”
Additional to the goal, the apex bank declared that half of the firms financed by the initiative will be run by women.
In addition, N500 million in development money would be distributed to Nigerian polytechnics and universities through a nationwide biennial entrepreneurship competition.
“The finest business pitches/ideas from five (5) leading Nigerian polytechnics and universities will be awarded as follows:
First prize: N150.0 million; second prize: N120.0 million; third prize: N100.0 million; fourth prize: N80.0 million; and fifth prize: N50.0 million.”
The guideline further stated: “Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with: First degree certificate (BSc/HND/ or its equivalent); National Youth Service Certificate (NYSC) discharge or exemption certificate; Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and Not more than 7 years post-NYSC.”
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