The Central Bank of Nigeria has announced that it will provide grants to tertiary institutions to encourage entrepreneurship and reduce unemployment.
In a report titled “Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme,” the CBN revealed this on Wednesday.
“Five top Nigerian polytechnics and universities with the finest entrepreneurial pitches/ideas will be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million,” the document stated.
It went on to say that the scheme would encompass innovative start-ups and established firms owned by Nigerian polytechnic and university graduates in fields like agribusiness, information technology, creative industries, and science and technology.
Production, processing, storage, and logistics would be included in agribusiness, according to the CBN, while application/software development, business process outsourcing, robotics, and data management would be included in information technology.
Entertainment, artwork, publishing, culinary/event management, fashion, photography, and beauty/cosmetics are among the creative industries, according to the report, while medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management are among the science and technology industries.
According to the report, the interest rate will be five percent per annum and nine percent effective from March 1, 2022, or as may be prescribed by the CBN.
According to the CBN, the beneficiary must apply through a designated online portal and present all necessary evidence to support the application.
It said that innovative entrepreneurial activities with strong potential for export, job creation, and transformational impact will be given precedence.
Ada Peter
