CBN introduces N500m grant for undergraduates and graduates

The Central Bank of Nigeria has said it will support young people in higher education institutions with grants to promote entrepreneurship and reduce unemployment.

The CBN revealed this on Wednesday in a report titled “Guidelines for the Implementation of the Entrepreneurship Program of Higher Education Institutions”.

“Five Nigerian Polytechnics and Universities with the best arguments / entrepreneurial ideas will be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m, ”he said.

He added that the activities covered by the program would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in fields such as agribusiness, information technology, l creative industry, as well as science and technology.

CBN said agribusiness will include production, processing, storage and logistics, while information technology will include application / software development, business process outsourcing, robotics and data management.

He said the creative industry would include entertainment, artwork, publishing, food / 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 per annum and nine percent effective March 1, 2022 or as prescribed by the CBN.

The grantee must apply on the dedicated online portal and provide all the necessary documents to support the application, the CBN said.

He noted that priority would be given to innovative entrepreneurial activities with high export potential, job creation and transformational impact.

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