The Central Bank of Nigeria has revealed that it will support youths in tertiary institutions with grants to reduce unemployment and promote entrepreneurship in the country.
This was disclosed on Wednesday 20th October in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.
“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,” it said.
The report further revealed 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 report also indicated 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 said 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 five percent (5%) per annum and nine percent (9%) effective from March 1, 2022 or as may be prescribed by the CBN.
The beneficiary must apply on the dedicated online portal (to be released later) and provide all requisite documentation to support the application, the CBN said.
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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