The Central Bank of Nigeria (CBN) has introduced an N500,000 grant for Nigerian graduates and undergraduates under the Tertiary Institutions Entrepreneurship Scheme (TIES). Developed in collaboration with polytechnics and universities across Nigeria, the initiative aims to unlock the entrepreneurial potential of young Nigerians for economic growth and job creation.
Objectives of the TIES Scheme
The broad objectives of the scheme include:
- Empowering Nigerian graduates with entrepreneurial skills.
- Facilitating economic development.
- Enhancing job creation.
- Enabling access to finance for graduates with innovative entrepreneurial and technological ideas.
How to Apply for the CBN N500K Grant
Eligibility Criteria
To be eligible for the CBN N500,000 grant, applicants must fulfill the following criteria:
- Must be a graduate of Nigerian polytechnics or universities.
- Must possess a first-degree certificate (BSc/HND or its equivalent).
- Must have a National Youth Service Certificate (NYSC) discharge or exemption certificate.
- Must have a Certificate of Participation issued by polytechnics and universities, confirming completion of entrepreneurship training.
- Should not be more than 7 years post-NYSC.
Application Process
- Preparation: Ensure that you have all the required documents ready. This includes your educational certificates, NYSC discharge or exemption certificate, and the Certificate of Participation in entrepreneurship training.
- Online Application: Visit the CBN’s official application portal for the N500k Grant. You’ll be required to fill out an online form providing your contact details, qualifications, and business plan.
- Review and Submit: Before hitting the submit button, review all the information provided to make sure it’s accurate.
- Evaluation: After submission, your application will be reviewed and evaluated based on its viability, innovativeness, and alignment with the objectives of the TIES scheme.
- Notification: Successful applicants will be notified and directed on the next steps for fund disbursement.
Key Takeaways
- This is a fantastic opportunity for young Nigerian entrepreneurs to bring their business ideas to life.
- The grant can serve as a financial runway for early-stage startups or a boost for existing small businesses.
- The CBN is committed to economic development and job creation through youth empowerment.
So, if you are a Nigerian graduate or undergraduate with a brilliant business idea and are in need of financial backing, this grant could be your golden ticket. Don’t miss out; apply today and take the first step towards becoming a successful entrepreneur.
The top five (5) Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
| 1 | First place | N250.0 million; |
| 2 | Second place | N150.0 million; |
| 3 | Third place | N100.0 million; |
| 4 | Fourth place | N75.0 million; and; |
| 5 | Fifth place | N50.0 million. |
The grants shall be in the following areas:
- Science and technology
- Information technology
- Agribusiness and
- Creative industry
Note: The CBN will never charge you or ask you to pay to submit your loan application or to access the loan.
How to Apply for CBN N500K Grants
To apply for the CBN loan grants, follow the procedures outlined below.
- Visit the official portal at https://cbnties.com.ng.
- Read and follow the instructions carefully.
- Click on Proceed.
- Select Loan Type: (Either Tier 1 – Sole Proprietorship or Tier 2 – Small Company /Enterprise)
- Enter NYSC Callup Number / NYSC request might take a minute to go through
- Fill NYSC Certificate Number, Year Of NYSC Certificate, Year of Graduation
- Provide your personal details and click on validate.
- Verify your email and log in with your valid credentials.
- Fill CBN Grant Form and submit.
From time to time, we published the latest update regarding the CBN loan grants on this portal.
