CBN TIES Grant worth N500 Million for Graduates and Undergraduates in Nigeria

Applications are currently ongoing for the CBN TIES Grant worth N500 Million for Graduates and Undergraduates in Nigeria. Here, you will find some helpful guide that will assist you in making your application successful.

Are you a Nigerian graduate or undergraduate seeking for a financial support to embark on a project? Are you finding it difficult to access money for your academic payments? If your answer is yes then you are in the right page.

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Without wasting much time, let us take you through the application guideline and what the CBN TIES Grant is all about. Kindly make sure you will follow this article till the end.

The CBN, as part of its policy measures to address rising youth unemployment and underemployment, introduces the Tertiary Institutions Entrepreneurship Scheme (TIES) to create a paradigm shift among undergraduates and graduates of Nigerian polytechnics and universities, from seeking white-collar jobs to entrepreneurship.

The Scheme aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth.

An initiative targeted at empowering graduates of Nigerian Polytechnics and Universities with entrepreneurial skills for Entrepreneurship development, Economic development and Job creation.

To access the CBN TIES Grant, you must be a graduate of any Nigerian university or polytechnic within the past
seven (7) years with entrepreneurial interest.

Requirements for the CBN Tertiary Institution Entrepreneurship Scheme Grant

  • First degree and NYSC discharge (or exemption certificate)
  • Valid mobile phone number (linked to your NIN), BVN, NIN, TIN, and email address
  • Evidence of business registration (certified true copies of relevant CAC documents)
  • Corporate bank account number of business.

NOTE: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

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Also, it is important to note that this grant is not gender discriminative. The application form is available for both male and female.

Objectives

The broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas. Other specific objectives of the Scheme include:

  1. Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations for value creation in partnership with Nigerian polytechnics and universities for the purpose of economic development and job creation
  2. Fast track ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria
  3. Promote gender balance in entrepreneurship development through capacity development and improved access to finance
  4. Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners
  5. Boost contribution of non-oil sector to the nation’s GDP

Eligible Business Activities

The activities to be covered under the CBN TIES Grant programme shall include innovative start-ups and budding businesses owned by graduates of Nigerian polytechnics and universities in the following areas;

  1. Agribusiness: Production, processing, storage and logistics
  2. Information technology: Application/software development, business process outsourcing, robotics, data management
  3. Creative industry: Entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics
  4. Science and technology: Medical innovation, robotics, ticketing

Loan features

  • N5.0 million for individual/sole proprietorship/small company projects
  • N25.0 million for partnerships/company projects
  • Interest rate: 5% per annum (9% effective from March 1, 2022 or as may be prescribed by the CBN)
  • Tenor: Five (5) years
  • Moratorium: 12 months

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CBN TIES Grant Awards

  1. First place – N150 million
  2. Second place – N120 million
  3. Third place – N100 million
  4. Fourth place – N80 million
  5. Fifth place – N50 million

Trading activities shall not be eligible for financing under this Scheme.

How to Apply

Applying is very easy, all you are required to do is to visit the official CBN TIES Grant portal at www.cbnties.com.ng. This is the only approved portal for the Central Bank of Nigeria Tertiary Institution Entrepreneurship Scheme Grant.

Apply Here

The central Bank of Nigeria (CBN) will never charge or ask any applicant to pay to submit your loan application or to the loan. For further information and the guidelines please visit the website.

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