The Central Bank of Nigeria has said it will support youths
in tertiary institutions with grants to promote entrepreneurship and reduce
unemployment.
The CBN disclosed 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.
It added 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.
The CBN 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.
According to the report, 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.
The beneficiary must apply on the dedicated online portal
and provide all requisite documentation to support the application, the CBN
said.
It noted that priority would be given to innovative
entrepreneurial activities with high potential for export, job creation and
transformational impact.
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