Mr. Godwin Emefiele, Governor of CBN

CBN launches N500m scheme for undergraduates, graduates to boost youth entrepreneurship

*The Central Bank of Nigeria says the scheme is aim to support youths in tertiary institutions with grants towards promoting agribusiness and entrepreneurship to   reduce the soaring unemployment rate in the country

Isola Moses | ConsumerConnect

In a move to support the youths in tertiary institutions with grants towards promoting entrepreneurship and reducing the tasking unemployment challenge in the country, the Central Bank of Nigeria (CBN) has disclosed it instituted a N500million fund for this purpose.

ConsumerConnect reports the Bankers’ Bank noted this youth-oriented entrepreneurial scheme in a report released Wednesday, October 20, 2021, titled, ‘Guidelines For The Implementation Of Tertiary Institutions Entrepreneurship Scheme’.

The Bank 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.”

The CBN also said that 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.

Some areas of agribusiness, entrepreneurship for funding  

The CBN noted that agribusiness for funding would include production, processing, storage and logistics, while Information Technology (IT) would include application/software development, business process outsourcing, robotics and data management.

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, said the apex bank.

The report also stated that the interest rate will be five percent per annum and nine per cent effective from March 1, 2022, or as may be prescribed by the Bankers’ Bank.

As part of criteria for accessing the fund, the CBN stated that a prospective beneficiary must apply on the dedicated online portal, and provide all requisite documentation to support the application.

Priority would be given to innovative entrepreneurial activities with high potential for export, job creation and transformational impact in Nigeria, the report added.

Kindly Share This Story