Recently, the Central Bank of Nigeria announced a commitment to partner with Nigerian Universities and polytechnics to empower both graduates and undergraduates with loans and grants.
They termed this commitment TIES which stands for Tertiary Institutions Entrepreneurship Scheme.
Nigerians were happy about the decision. When it comes to loans, the Nigerian populace trusts the Government to keep her words. Many Nigerians got unexpected alerts during the COVID 19 loan disbursement, so, this might be sweet as well.
However, there have been several questions regarding applying for the loan.
The announcement was for both a loan and a grant, and many have been asking which is which.
The Grant Is For Undergraduate Students.
The grant is for undergraduate students in top Nigerian Universities and polytechnics. They would be awarded the grant based on a business idea pitch.
According to the program,
Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
|▪||First place||–||N||150.0 million;|
|▪||Second place||–||N||120.0 million;|
|▪||Third place||–||N||100.0 million;|
|.||Fourth place||–||N||80.0 million; and|
|.||Fifth place||–||N||50.0 million.|
The grants shall be in the following areas:
ii. Information technology;
iii. Creative industry; and
iv. Science and technology.
The Loan is for Graduates
Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:
I. First-degree certificate (BSc/HND/ or its equivalent);
ii. National Youth Service Certificate (NYSC) discharge or exemption certificate;
iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC.
Activities to be covered under the Scheme shall include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the following areas:
i.Agribusiness – production, processing, storage and logistics;
ii. Information technology – application/software development, business process outsourcing, robotics, data management;
iii. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
iv. Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management; and
v. Any other activity as may be determined by the CBN from time to time.
For the loan, Individuals can have access to N5 million, while corporate can have access to N25 million.