CBN Offers Five Million Naira Loans To Graduates

CBN Offers Five Million Naira Loans To Graduates

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has launched the Tertiary Institutions Entrepreneurship Scheme (TIES). Information Guide Nigeria

According to THE CABLE, the scheme is an intervention aimed at tackling underemployment and unemployment among Nigerian youth.

THE CABLE reports that during the launch of the scheme on Thursday in Abuja, Mr Emefiele presented cheques ranging from N4.1-N5 million to graduate entrepreneurs whose proposals were found worthy of CBN’s financing under the Tertiary Institutions Entrepreneurship Scheme (TIES).

While Charging the beneficiaries to utilise the money given to them, Emefiele said the scheme which opened a portal for submission of applications in October 2021 is one of the measures of promoting entrepreneurship among graduates and undergraduates.

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“The scheme, developed in partnership with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation,” he said.

“Bridging their financing gaps and enhancing access to low-cost credit to drive development of business is a task that can only be addressed by an innovative financing model that correlates with the complexity and dynamics of these small businesses.”

Emefiele said TIES consisted of three main components– the term loan component provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation; the equity investment component is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation and the development grant component.

According to THE CABLE, under these components, THE CBN Governor said that polytechnics and universities in the country will compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch innovative entrepreneurial or technological ideas with transformational potential. Jamb Result

Three top institutions at the regional levels shall proceed to the national level, where the top five shall be awarded grants ranging between N120 million and N250 million.

THE CABLE reports that the secretary to the government of the federation (SGF) who was represented by Olakunle Fashina, director, public affairs and bilateral relations, office of the SGF charged tertiary institutions to deploy merit in the selection of the beneficiaries adding that TIES boost economic growth and reduce graduate unemployment for the ever-growing graduate population.

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