The Central Bank of Nigeria (CBN) has established a graduate entrepreneurship scheme with the aim of funding 25,000 startups annually and generating 75,000 jobs. The CBN disclosed this in the guidelines the scheme, Tertiary Institutions Entrepreneurship Scheme (TIES) with the broad objective of the scheme being to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
The scheme will also include cash to the tune of N500 million being disbursed in the form of grants as development funds to Nigerian polytechnics and universities in a national biennial entrepreneurship competition. “The competition is aimed at raising awareness and visibility of high-impact entrepreneurial/technological ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities, as well as encourage innovations that are commercially viable and with transformational impact.”
“The Developmental Component shall also be utilized for the general development of the MSME segment in the following areas: Finance the development of the 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 the entrepreneurship in Nigerian polytechnics and universities.”
The CBN has also promised the best five polytechnics/ Universities with the best entrepreneurial pitch to be awarded as follows N150 million, N120 million, N100 million, N80 million, and N50 million respectively.