CBN Grant 2023: Looking for funds to start your business? Apply for the CBN N500m Grant 2023 Find out if you’re eligible
CBN Grant 2023: Register for the CBN N500 million Grant 2023. With our simple guide, you can determine your eligibility and learn how to apply. Own your business while contributing to the Nigerian economy.
Don’t wait, apply today
The Federal Government and the Central Bank of Nigeria (CBN) have proposed a new plan to address the ongoing problem of unemployment in Nigeria.
This campaign intends to redirect Nigerian undergraduates and graduates’ attention away from hopes for white-collar jobs and toward entrepreneurship.
The Tertiary Institutions Entrepreneurship Scheme (TIES)
The Tertiary Institutions Entrepreneurship Scheme (TIES) is a new initiative by CBN.
This initiative encourages polytechnic and university students and new grads in Nigeria to launch their own businesses rather than look for typical white-collar jobs.
According to CBN, “the program is designed to create a paradigm shift from a ‘white-collar’ job search culture to an entrepreneurial culture for economic growth and job creation among undergrads and graduates.”
Grants for Graduates and Students
With the unveiling of a new registration platform for the CBN N500 million award, CBN has introduced grants exclusively for recent graduates and students.
TIES was founded with the main goal of reducing the tendency of white-collar job searchers and putting more of an emphasis on job creation.
The objective of TIES, according to Pex Bank, is to increase the financial resources available to Nigerian university and polytechnic graduates with ground-breaking business and technical concepts.
Allocation of Funds by CBN
The top 5 distribution organizations have been acknowledged by CBN for this program, and monies will be allocated for grants.
The top five universities and polytechnics in Nigeria with the finest entrepreneurial trends/ideas will receive the following recognition, according to CBN: First place: N150m; Second place: N120m; Third place: N80m; Fourth place: N80m, and Fifth place: N50m.”
For two-year regional and national entrepreneurship competitions, the Apex Bank has also announced that it will create a Board of Experts (BoE) made up of specialists from the public and commercial sectors.
These contests aim to assess the cutting-edge technology innovations and commercial concepts from universities and polytechnics in Nigeria. The BoE will suggest funds for initiatives with a strong chance of success.
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Key Points of the Guidelines: CBN Launches N500m Graduate Grants
The CBN and MFIs will work together to establish independent monitors who will oversee projects funded under this program.
Depending on the project’s complexity, this endeavor is planned to operate for the first time no later than December 31st, 2031, and last for ten years.
In line with an agreed-upon repayment schedule and based on an established cash flow cycle, interest and principle must be paid back every month or every three months.
Eligibility Requirements – CBN Awards Graduates a N500m Grant
- Candidates for the program should be graduates of universities and polytechnics in Nigeria. They ought to have:
- A certificate of graduation (BSc, HND, or equivalent);
- Release or exemption certificate for the National Youth Service Certificate (NYSC);
- A polytechnic or university certificate of participation attesting to entrepreneurial education;
- 7 years maximum after NYSC
How to Apply for the CBN N500m Grants for Graduates
- Don’t forget the official CBN bank website should be the only platform used for applying.
- Kindly visit the official portal: https://cbnties.com.ng/
- Read the TIES (Tertiary Institutions Entrepreneurship Scheme) rules and regulations.
- Then click on the “Proceed” button.
- Look carefully to choose the loan type (Tier 1 for sole proprietorships or Tier 2 for small businesses or enterprises).
- Type your NYSC Callup Number here. Processing a NYSC request could take a moment.
- Enter the graduation year, NYSC Certificate Year, and NYSC Certificate Number.
- Enter your personal information and then click “validate.”
- Submit the form.
- Fill out the CBN Grant Form and submit it after validating your email and checking in with your credentials.
This program from the Federal Government and CBN is an admirable effort to reduce unemployment by encouraging an entrepreneurial spirit among young people. Take advantage of this chance by applying for the grant right away.