CBN N500k Grants Portal Opens for Graduates, Undergraduates - RECRUITNGR
CBN N500k Grants – Portal Reopen

CBN N500k Grants Portal Opens for Graduates, Undergraduates

Newsone has reported that the Central Bank of Nigeria (CBN) has instituted grants for graduates and students aimed at curbing unemployment. To register for the CBN N500k grants, you can visit the portal.

In collaboration with Nigerian Polytechnics and Universities, the Tertiary Institutions Entrepreneurship Scheme (TIES) harnesses the potential of graduate entrepreneurs in Nigeria. Pex Bank stated that TIES seeks to enhance financial access for Nigerian polytechnic and university graduates with innovative business and technological ideas.

The Supreme Bank emphasized that TIES is geared towards addressing the prevailing trend of white-collar job seekers, shifting the focus to job creation. The scheme aims to foster a shift from a ‘white-collar’ job-seeking culture to an entrepreneurial one, thereby contributing to economic growth and job creation for undergraduates and graduates, as outlined by CBN.

Regarding the grant, CBN is set to allocate N500 million among the top five organizations demonstrating outstanding entrepreneurial initiatives.

CBN explained, “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded as follows: first place – N150 million; second place – N120 million; third place – N80 million; fourth place – N80 million, and fifth place – N50 million.”

The Apex Bank announced the formation of a Board of Experts (BoE), comprising private and public sector experts. This board will oversee regional and national entrepreneurship competitions spanning two years, evaluating entrepreneurial and technological innovations presented by Nigerian polytechnics and universities.

The BoE will recommend high-potential projects and assess the variable impact for grant awards.

Key Highlights of the Guideline / CBN’s Introduction of N500 Grants for Graduates:

  • Projects funded under the scheme will be monitored by independent monitors jointly appointed by CBN and MFIs.
  • The scheme is slated to run for the initial ten-year period, concluding no later than December 31, 2031, contingent upon the project’s complexity.
  • Repayment of interest and principal must adhere to a monthly or quarterly schedule in accordance with an approved cash flow cycle and repayment schedule.

Eligibility Criteria / CBN Presents N500 Scholarships to Graduates:

Applicants under the scheme must be graduates of Nigerian Polytechnics and Universities:

  • Possess a first-degree certificate (BSc/HND or its equivalent).
  • Hold a National Youth Service Certificate (NYSC) discharge or exemption certificate.
  • Provide a Certificate of Participation from polytechnics and universities indicating completion of entrepreneurship training.
  • Have not exceeded seven years post-NYSC.

How to Apply for CBN Graduates Grants / CBN’s Introduction of N500 Grants for Graduates:

Interested individuals can follow this link to apply


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