CBN Introduces N500m Grant for Undergraduates, Graduates

The Central Bank of Nigeria (CBN) has announced that it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment.

Central Bank of Nigeria - CBN
Central Bank of Nigeria – CBN

The CBN stated this on Wednesday 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 scheme would cover 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 apex bank said 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.

CBN stated that it would give the greatest priority to innovative entrepreneurial activities with high potential for export, job creation and transformational impact. To qualify, applicants must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN said.

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