The CBN TIES Grant for Graduates and Undergraduates in Nigeria is currently accepting applications and giving out grants worth N500 million. Here you will find some useful information that will assist you in completing your application.
Are you a Nigerian graduate or undergraduate looking for financial assistance may be for a project or for fees? then this post is best for you.
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Because after reading this article, you will have the full knowledge of how to apply for the CBN TIES Grant, the requirements, and every other thing you need to know about the grant.
So ensure that you read this article till the end so as not to miss out on any important information.
The CBN has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES) as part of its policy measures to address rising youth unemployment and underemployment.
TIES aims to shift undergraduates and graduates of Nigerian polytechnics and universities away from seeking white-collar jobs and toward entrepreneurship.
The Scheme aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth
CBN Tertiary Institution Entrepreneurship Scheme Grant Requirements
- First degree and NYSC discharge (or exemption certificate) (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) (certified true copies of relevant CAC documents)
- Corporate bank account number of business.
NOTE: Innovative entrepreneurial activities with high potential for export, job creation, and transformational impact will be given priority.
Objectives of the Grant
The Scheme’s overall goal is to make it easier for undergraduates and graduates of Nigerian polytechnics and universities with breakthrough entrepreneurial and technology concepts to get funding. The Scheme’s other particular goals are as follows:
- In collaboration with Nigerian polytechnics and universities, provide an enabling environment for co-creation, mentorship, and development of entrepreneurial and technology innovations for value creation, with the goal of economic growth and employment creation.
- Fast-track ideation, development, and acceleration of an innovation-driven entrepreneurial culture among Nigerian polytechnic and university graduates.
- Improved access to funding and capacity development will help to achieve gender balance in entrepreneurial growth.
- Leapfrog undergraduate and graduate entrepreneurial capability for entrepreneurship and economic development in collaboration with academics and industry practitioners.
- Increase the non-oil sector’s contribution to the country’s GDP.
Business Activities That Are Eligible
Innovative start-ups and fledgling enterprises owned by graduates of Nigerian polytechnics and universities will be covered under the CBN TIES Grant program in the following areas:
- Production, processing, storage, and logistics are all aspects of agribusiness.
- Application/software development, business process outsourcing, robotics, and data management are all examples of information technology.
- Entertainment, artwork, publishing, culinary/event management, fashion, photography, and beauty/cosmetics are all examples of creative industries.
- Medical innovation, robotics, and ticketing are all examples of science and technology.
- N5.0 million for initiatives involving individuals, sole proprietorships, and small businesses.
- N25.0 million for company/partnership initiatives
- Rate of interest: 5% per year (9 percent effective from March 1, 2022 or as may be prescribed by the CBN)
- The duration is five (5) years.
- 12-month moratorium
TIES Grants from CBN
- N150 million for first place.
- N120 million for second place.
- N100 million for third place.
- N80 million for fourth place
- N50 million for fifth place.
This Scheme does not allow for the funding of trading operations.
How to Apply
It is quite simple to apply; all you have to do is go to the official CBN TIES Grant webpage at www.cbnties.com.ng.
The Central Bank of Nigeria Tertiary Institution Entrepreneurship Scheme Grant is only available through this webpage.
The Central Bank of Nigeria (CBN) will never charge or require any applicant to pay to submit or access a loan application. Please check the website for further information and guidelines.
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