The Central Bank of Nigeria (CBN) has said it has introduced a new 500 million Naira grant to support youths in tertiary institutions, and as well as graduates. According to CBN, the grant is meant to promote entrepreneurship and reduce unemployment in the country.
The Central Bank of Nigeria disclosed this in a statement, titled “Guidelines for the implementation of tertiary institutions entrepreneurship scheme.”
The Statement, in part, reads;
“5 top Nigerian polytechnics and universities with the best entrepreneurial ideas shall be awarded as follows: First place=>N150m, Second place=>N120m, Third place–l=>N100m, Fourth place=>N80m, and Fifth place=>N50m.”
Also, according to the CBN, the activities the grant would cover include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agri-business, information technology, creative industry, science and technology.
The apex bank added that agri-business would include production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.
The creative industry includes entertainment, publishing, culinary/event management, fashion, photography, artwork, beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.
According to the CBN, the interest rate for the fund is 5% [five per cent per annum] and 9% [nine per cent] starting from March 1, 2022 or as may be prescribed by the Central Bank.
Interested applicants must submit an application through the CBN designated online portal and provide all the required documentation to support the application.
Note: Priority will be given to entrepreneurial ideas with high potential for export, job creation, and transformational impact.