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CBN Introduces Million Naira Grant for Graduates, Undergraduates

CBN Introduces Million Naira Grant for Graduates, Undergraduates

The Central Bank of Nigeria (CBN) has introduced N500 million grants for graduates and undergraduates in innovative start-ups and existing businesses. Jamb Result

According to PUNCH, the CBN says it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce graduates’ unemployment.

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PUNCH reveals that the beneficiary must apply on the stipulated online portal as well as provide necessary information to support the application.

This was disclosed in a report by CBN titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.

The report stated, “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 interest rate will be five per cent per annum and nine per cent effective from March 1, 2022, or as may be prescribed by the Central Bank of Nigeria (CBN).

PUNCH reports that the areas to be considered include;

Agribusiness would include production, processing, storage, and logistics.

Information technology would include application/software development, business process outsourcing, robotics, and data management. Information Guide Nigeria

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Creative industry would include entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics.

Science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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