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CBN Set To Release N500m Grant For Graduates, Undergraduates | See How To Participate

Faith Ukanwa

Oct 21, 2021

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The Central Bank of Nigeria (CBN), has announced intention to promote entrepreneurship and create employment opportunities for Nigerian youths.

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The apex bank says it will award N500m grant to graduates and undergraduates in Nigerian tertiary institutions of learning.

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This was disclosed by the CBN on Wednesday, October 20, 2021, in a report, titled; 'Guidelines for the implementation of tertiary institutions entrepreneurship scheme'.

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According to the report; "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; and fifth place - N50m".

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The scheme will accommodate 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.

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Agribusiness would include; production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.

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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 report explained.

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However, the interest rate will be 5% per annum and 9%. This grant scheme will take effect from March 1, 2022 or as may be prescribed by the CBN.

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Interested qualified youths must apply on the dedicated online portal and provide all requisite documentation to support the application.

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The CBN noted that it will give priority to innovative entrepreneurial activities with high potential for export, job creation and transformational impact.

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— Faith Ukanwa

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