The Central Bank of Nigeria, CBN, has announced its plan to support youths in Tertiary Institutions in the country with grants, in a bid to promote entrepreneurship, and reduce unemployment,
The CBN disclosed this on Wednesday, in a report, titled: ‘Guidelines for the implementation of Tertiary Institutions Entrepreneurship Scheme’.
It stated: “Five top Nigerian Polytechnics and Universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million.”
It added that the 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 CBN said that Agribusiness would include production, processing, storage and logistics, while Information Technology would include application/software development, business process outsourcing, robotics and data management.
It 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.
According to the report, the interest rate will be 5 percent per annum, and 9 percent, effective from March 1, 2022, or as may be prescribed by the CBN.
The beneficiary must apply on the dedicated online portal, and provide all requisite documentation to support the application, the CBN added.
It noted that priority would be given to innovative entrepreneurial activities with high potential for export, job creation, and transformational impact.
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