By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ng
  • News
    • Politics
    NewsShow More
    FEC Mourns Diya, Abacha’s Ex-Deputy
    March 26, 2023
    Oladipo Diya, Ex-Chief of Staff to Abacha Dies at 78
    March 26, 2023
    Governors-elect to receive Certificates of Return from March 29 – INEC
    March 25, 2023
    Buhari Never Said He Will Refuse Handover to Tinubu — Presidency
    March 25, 2023
    Governor Babajide Sanwo-Olu
    Sanwo-Olu orders payment of N5m compensation to driver manhandled during EndSARS Memorial rally
    March 25, 2023
  • Entertainment
    EntertainmentShow More
    Comedian AY Reveals Reason for Friendship Breakup with Basketmouth
    March 26, 2023
    Meta CEO Mark Zuckerberg announces birth of third child
    March 24, 2023
    Life Was Tough, I Almost Dropped Out of Primary 3 — Goodluck
    March 24, 2023
    Nollywood Actor, Aguba, Returns To Hometown
    March 24, 2023
    Roselyn vs John Battles: ” It felt like I was watching a love film.”
    March 22, 2023
  • Business & Economy
    Business & EconomyShow More
    Dangote Cement
    Dangote Cement Plc declares N340 billion payout for shareholders in upcoming AGM
    March 22, 2023
    CBN Governor, Godwin Emefiele
    CBN Raises Benchmark Interest Rate to 18.5%
    March 21, 2023
    Managing Director/CEO, Transcorp Hotels Plc, Dupe Olusola
    Transcorp Hotels Plc Reports 172% Increase in Profit Before Tax in 2022
    March 3, 2023
    CBN launches portal for collection of old N200, N500, and N1,000 banknotes
    February 15, 2023
    2023 Election: CBN Commits to Providing Cash for INEC Despite Withdrawal Limits
    February 8, 2023
  • Sport
    SportShow More
    AFCON Qualifier: Guinea Bissau beat Nigeria 1-0 in Abuja
    March 24, 2023
    MTN Nigeria Leads the Way in Supporting Super Eagles Against Guinea-Bissau
    March 23, 2023
    Kylian Mbappé Confirmed as New France Captain
    March 21, 2023
    Haaland nets hatrick as Manchester City destroy Burnley 6-0
    March 18, 2023
    Europa League
    Europa League Quarter-final Draws as Manchester United face Sevilla
    March 17, 2023
  • Tech
    TechShow More
    The Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) in a group photograph with some of the members of the Nigeria Startup Act Implementation Committee shortly after the inauguration ceremony
    FG Inaugurates Committee for Implementation of Nigeria Startup Act 2023
    March 9, 2023
    Mobile Ridesharing App Emerges as Winner at NCC’s Young Innovators Competition
    February 18, 2023
    The Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami During the Ministerial Training Session for Board and Management Staff of NITDA at Transcorp Hilton Hotels Abuja
    Pantami Charges NITDA to Embrace Critical Thinking for the Benefit of Nigerians
    February 17, 2023
    Airtel Nigeria and itel Partner to Launch the Most Affordable 4G Smartphone for Nigerians
    February 16, 2023
    Zoho
    Zoho Launches Cutting-Edge Unified Communications Platform, Trident
    February 9, 2023
Reading: CBN releases guidelines for operation of Tertiary Institutions Entrepreneurship Scheme
Share
Aa
Okay.ngOkay.ng
Aa
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessTop stories

CBN releases guidelines for operation of Tertiary Institutions Entrepreneurship Scheme

Yusuf Abubakar By Yusuf Abubakar Published October 21, 2021
Share
3 Min Read
Central Bank of Nigeria (CBN) Headquarters In Abuja © CBN
SHARE

The Central Bank of Nigeria (CBN) has released new guidelines for the operation of its tertiary institutions entrepreneurship scheme (TIES).

The aim is to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development, the apex bank said.

The scheme was introduced as part of measures to address rising youth unemployment and underemployment in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

The broad objective of the scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

- Advertisement -

In the new guidelines released yesterday by the bank, it stated that the scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.

Activities covered under the scheme include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities. The bank said priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

The take-off capital will be sourced from both the agribusiness /small and medium enterprise investment scheme (AgSMEIS), the circular said.

The programme will focus on agribusiness, information technology, creative industry and science and technology among other areas.

The scheme is designed to be implemented through three components – term loan component; equity investment component and developmental component.

The facility will have a 5 per cent interest rate per annum (9 per cent effective from March 1, 2022 or as may be prescribed by the CBN) with a maximum of 12 months moratorium on principal and interest.

Prospective applicants are expected to attend mandatory entrepreneurship trainings with their respective Nigerian polytechnics and universities and certificates of completion issued to trainees.

“Interest payment and principal repayment shall be made on monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule,” the CBN said in the circular that was released yesterday.

According to the bank, the equity investment component would be in the form of injection of fresh capital for start-ups, expansion of established businesses or reviving of ailing entrepreneurial businesses.

TAGGED: CBN, TIES
Share this Article
Facebook Twitter Whatsapp Whatsapp Telegram Email Copy Link Print
What do you think?
Happy0
Love0
Sad0
Angry0
Joy0
Surprise0

Connect with Okay on Social

Facebook Like
Twitter Follow
Instagram Follow
Telegram Follow
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Comedian AY Reveals Reason for Friendship Breakup with Basketmouth
Celebrities
FEC Mourns Diya, Abacha’s Ex-Deputy
News
Oladipo Diya, Ex-Chief of Staff to Abacha Dies at 78
News
Governors-elect to receive Certificates of Return from March 29 – INEC
News
Buhari Never Said He Will Refuse Handover to Tinubu — Presidency
News
- Advertisement -

You Might Also Like

Central Bank of Nigeria (CBN)
News

CBN Confirms Evacuation of Banknotes, Directs Banks to Open on Weekends

March 24, 2023
Dangote Cement
Business

Dangote Cement Plc declares N340 billion payout for shareholders in upcoming AGM

March 22, 2023
CBN Governor, Godwin Emefiele
Business

CBN Raises Benchmark Interest Rate to 18.5%

March 21, 2023
INEC Chairman, Mahmood Yakubu
Top storiesTrending

BREAKING NEWS: Adamawa Governorship Election Declared Inconclusive

March 20, 2023
Previous Next
Okay.ngOkay.ng
Follow US

© OKN MEDIA PUBLISHING 2022 - All rights reserved

  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
Welcome Back!

Sign in to your account

Lost your password?