CBN Tertiary Institutions Entrepreneurship Scheme(TIES) Open with N900m Reward.
The second pitch competition for the Tertiary Institutions Entrepreneurship Scheme (TIES) of the Central Bank of Nigeria (CBN) opened in Abuja, yesterday 12 April, 2022, with 30 universities and polytechnics competing for the top five positions.
The five best among the competitors would receive a total of N900 million.
The first position would attract N250 million; the second N200 million; while the third, fourth and fifth would receive N180 million, N150 million and 120 million, respectively.
CBN introduced the TIES as part of its policies of creating a paradigm shift among undergraduates and graduates of Nigerian universities and polytechnics from seeking white-collar jobs to entrepreneurship development.
The scheme comprised three components: Term Loan, Equity Investment and Development (grant).
The CBN, under the developmental component, called for proposals from Nigerian universities and polytechnics to compete for development grants. The grant has been designed to promote the development of innovations that are commercially viable and have the potential for high economic impact.
Sectors of focus include agribusiness, the creative industry, science and technology, as well as, Information and Communications Technology.
The CBN, in a factsheet, indicated that 145 proposals were submitted, out of which 30 were selected by a Body of Experts (BoE), using a set criteria.
The apex bank said that the best top five proposals were selected from each geopolitical zone of the country. A total of 21 universities and nine polytechnics from both public and private institutions are participating.
