CBN Introduces N500m Grant for Graduates and Undergraduates in Nigeria
The central bank of Nigeria (CBN) has said it has introduced a new 500 million Naira grant to support youths in Tertiary institutions, and as well graduates. According to CBN, the grant is meant to promote entrepreneurship and reduce unemployment in the country.
The central bank of Nigeria disclosed this in a statement, titled “Guidelines for the implementation of tertiary institution entrepreneurship scheme.”
According to the statement, 5 top Nigerian polytechnics and universities with the best entrepreneurship ideas shall be awarded the following prizes;
- First prize will go with sum of N150m
- While the Second prize will be given 120m
- The Third Prize will go with 100m
- Forth prize will go with 80m
- Fifth Prize will go with the sum of 50m
Also, the activities the grant would cover include; innovative start-ups and existing businesses owned by graduates of Nigeria polytechnics and universities in areas such as;
- Information technilogy,
- Science and technilogy.
The apex bank added that agri-business would include production, processing, storage, and logistics, while information technology would include;
- Application/software development, business processing outsourcing, robotics and data management.
- The creative industry includes entertainment, publishing, culinary, /event management, fashion, photography, artwork, beauty/cosmetics, while
- Science and technology would be; Medical innovation, robotics, ticketing system traffic system, traffic system, renewable energy, and waste management.
Interest Rate for the Grant
The CBN 500m Grant for Graduates and Undergraduates interest rate is 5% (five percent per annum) and 9% (nine percent) starting from March 1, 2022, or as may be prescribed by the Central bank of Nigeria/
Application procedure for CBN Introduces 500m, Grant, for Graduates and Undergraduates in Nigeria
Interested and qualified applicants must submit an application through the designated online portal and provide all the required documentation to support the application.