The Central Bank of Nigeria is support youths in the nation’s tertiary institutions with grants to promote entrepreneurship and reduce unemployment,according to a report by the apex bank.
The apex bank said 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 bank also said that activities to be covered under the scheme would include 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.
It added that agribusiness would include production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.
According to the bank, 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.
The interest rate will be five per cent per annum and nine per cent effective from March 1, 2022 or as may be prescribed by the CBN,it said,adding that beneficiary must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN said.
The apex bank disclosed that priority would be given to innovative entrepreneurial activities with high potential for export, job creation and transformational impact.
819100cookie-checkUnemployment:CBN Considers N500m Grant For Undergraduates, Graduates
