How to Apply for Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (https://cbnties.com.ng)

Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates
Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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The Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES)

We are pleased to announce to the general public that the CBN is to offer N500 million grant to graduates, undergraduates with the best Entrepreneurship Pitch in Nigeria.

Interested persons should carefully read through this article to know how to apply.

 

How to Apply for Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (https://cbnties.com.ng)
How to Apply for Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (https://cbnties.com.ng)

The Central Bank of Nigeria (CBN), as part of its policy measures to address rising youth unemployment and underemployment, introduces the 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.

The CBN Tertiary Institutions Entrepreneurship Scheme (TIES) aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth.

This was disclosed by the Central Bank of Nigeria in a circular, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’, dated October 2021.

The apex bank stated that the goal of the TIES is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

What the CBN is saying

The apex bank stated that the development of TIES was to address the trend of graduates seeking white collar jobs and turn their attention to the creation of jobs.

CBN stated that “the Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”

Regarding the grant, the CBN would distribute N500million among the top 5 tertiary institutions with the best pitch.

The Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES)

CBN said, “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,”

The apex bank stated that it, ”shall constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities. The Body of Experts (BoE) shall recommend projects with high potential and transformational impact for the grant award.”

Key highlights of the guideline

  • Projects financed under the Scheme shall be monitored by independent monitors jointly engaged by the CBN and PFI
  • The Scheme would be operated for 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
  • Interest payment and principal repayment should be made on a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.

Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

 

The Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES) – https://cbnties.com.ng

CBN TIES Features:

1. Term Loan

Eligibility:

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.
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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.

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

 

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.

NOTE: The Equity Investment and Developmental (Grant) Components would commence from April 2022..

 

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.

 

The Scheme shall be implemented through three (3) components:

  1. Term Loan Component;
  2. Equity Investment Component; and
  3. Developmental Component.

CBN TIES Loan Application Form 2021
https://cbnties.com.ng/register

 

 

CBN TIES Loan Application Portal
https://cbnties.com.ng

CBN TIES Loan Portal Login

Login to your CBN TIES portal account https://cbnties.com.ng/login.

About Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.[2] The CBN Act was amended in 1991, 1993, 1997, 1998, 1999 and 2007.[3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government.

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For further information on the CBN TIES guidelines and other enquiries, please visit www.cbn.gov.ng

 

Signed: Director, Development Finance Department

 

The Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES)

If you need us to help you with more information about the grant, feel free to ask questions using the comment box below.

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Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates
Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

Important Notes

The above statements are intended to describe the general nature and level of work to be performed by people assigned to this job.

They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.

All personnel may be required to perform other responsibilities in addition to those specified from time to time, as needed.

We do not charge any application, processing, training, interviewing, testing or other fee in connection with the application or recruitment process. Should you receive a solicitation for the payment of a fee, please disregard it.

Furthermore, please note that emblems, logos, names and addresses are easily copied and reproduced. Therefore, you are advised to apply particular care when submitting personal information on the web.

We are an equal opportunity employer and value diversity inclusion. We do not discriminate on grounds of colour, race, nationality, religion, age, ethnic origin, disability, gender, marital status, or sexual orientation in our employment practices

Our people are all equally gifted in unique ways: we come from diverse traditions, personal experiences and points of view. And we want to include yours, Are you ready to inspire us with your ideas?

We encourage all applicants to apply and does not practice any discrimination in any recruitment process.

Applications submitted after the deadline will not be considered.

Due to the urgency of the position, we have the right to recruit a candidate who matches the required profile before the above deadline

Only qualified candidates will be invited for interview

Publisher’s Note:

Deroundtable.com is a job, vacancy, career opportunity blog. We share daily updates on available Jobs, vacancies, local and international scholarships, Government/international organization loans and grants.

Deroundtable.com is not an agent of this organization, we can not assist any applicant secure a job, loan, grant or scholarship. We only share the information for interested persons to apply.

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Central Bank of Nigeria (CBN) Introduces N500 Million Grant for Graduates, Undergraduates

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