*The Central Bank of Nigeria launches the Tertiary Institutions Entrepreneurship Scheme (TIES) and presents cheques of N5million each to six pioneer beneficiaries to boost their businesses, create employment and contribute to economic growth

Isola Moses | ConsumerConnect

In addressing the increasing youth unemployment challenge in the country, the Central Bank of Nigeria (CBN) has formally launched the Tertiary Institutions Entrepreneurship Scheme (TIES) in Abuja, FCT.

It was gathered that the Bank also presented cheques of N5million each to six pioneer beneficiaries of the scheme in order to assit them to boost their business operations, create employment and contribute to economic growth.

The CBN announced the six pioneer beneficiaries of the TIES as Aisha Sulaiman, a graduate of Bayero University, Kano (BUK), and Chukwudi Ukpabi of Federal Polytechnic, Ebonyi, agency report said.

Others are Zainab Muhammed, a graduate of Federal Polytechnic, Bida, Nura Abdullahi of Kano State Polytechnic, Simeon Ojopane of Kogi State University and Adebowale Olaoye, an Accounting graduate of the University of Lagos (UNILAG).

Mr. Godwin Emefiele, Governor of CBN, said that the the tertiary institutions entrepreneurship scheme was designed to create a paradigm shift among students and graduates of tertiary institutions in Nigeria from white-collar jobs towards development of free enterprise.

The CBN Governor disclosed that the Bank is collaborating with polytechnics and universities in the country on the scheme for success.

The idea, Emefiele, stated, is to make Nigerian graduates to become job creators rather than job seekers after graduation in line with the trend in other parts of the world.

He noted: “What we are doing today is something that is taken for granted in other climes.

“At the CBN, we are concerned about the level of unemployment within the youth population and we are taking steps to address it.”

The Bank, threrefore, urged the beneficiaries to apply for the loans well in their businesses so as to engender growth and create more jobs.

According to Emefiele, academic certificates of beneficiaries were accepted as collateral, and would be returned to them when they offset the loans.

Similarly, Emefiele inaugurated an 11-man Body of Experts, chaired by Mr. Abubakar Suleman, Managing Director of Sterling Bank Plc, to steer the scheme.

Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), in a goodwill message, applauded the CBN for initiating the scheme.

The SGF described TIES as one of the numerous laudable interventions by the CBN to empower the Nigerian youth.

Mustapha urged the country’s tertiary institutions to ensure that beneficiaries were selected strictly on merit.