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Thursday 21 October 2021

N500m CBN grants for undergraduates and graduates - NEW

N500m CBN grants for undergraduates and graduates - NEW

The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. The CBN governor disclosed this on Wednesday in a report, titled ‘Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme’.

Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:

  • First place – N150m
  • Second place – N120m
  • Third place – N100m
  • Fourth place – N80m
  • Fifth place – N50m

He added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian Polytechnics and Universities in areas such as Agribusiness, Information Technology, Creative Industry, as well as Science and Technology.

The Central Bank of Nigeria governor said agribusiness would include production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.

He added that, the creative industry would include entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.

The beneficiary must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN governor said.

He noted that priority would be given to innovative entrepreneurial activities with high potential for export, job creation and transformational impact.

Prospective applicants shall attend mandatory entrepreneurship trainings with their Nigerian polytechnics and universities and certificates of completion issued to trainees;

Applications shall be submitted on a dedicated online portal with copies of relevant documents attached for review, which include:

  • First degree certificate (BSc/HND/or its equivalent)
  • National Youth Service Certificate (NYSC) discharge or exemption certificate.
  • Certificate of participation issued by the polytechnics and universities evidencing entrepreneurship training.
  • Letter confirming the applicants' deposit of required certificates from PFI.
  • Projected statement of income, statement of affairs and cash flow projections,
  • Business plan outlining details, financials and economic benefits of the projects.

Submitted applications and certificates shall be transmitted directly to the PFI for evaluation.
The portal shall be designed to allow the applicants select its PFI of choice, which shall receive copies of the submitted applications for due diligence checks and subsequent disbursement and monitoring of financed projects.

CBN introduces N500m grants for undergraduates and graduates
Godwin Emefiele - CBN Governor

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