The Central Bank of Nigeria has launched the Tertiary Institutions Entrepreneurship Scheme (TIES) designed to grant financial support to undergraduates and graduates with entrepreneurial skills.
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, launched the TIES initiative in Abuja yesterday.
The scheme is another intervention of the CBN aimed at addressing the dual challenge of youth unemployment and underemployment in Nigeria.
What the CBN is saying
Given his speech during the event, Emefiele said that it had become important for governments to put in place policy measures to support entrepreneurial development among our youth, hence the need for the scheme.
He said, “With about 600,000 students graduating yearly from Nigerian tertiary institutions, and without the commensurate employment opportunities in both the public and private sectors, it has become imperative that government, at all levels, puts in place policy measures to support entrepreneurial development among our youth.
“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.
“The ecosystem should provide support in re-orientating, training, and providing a financing model apt to the peculiarity of the sector within which the businesses operate.”
The program, which was established in collaboration with Nigerian polytechnics and universities, aims to unlock the potential of graduate entrepreneurs by shifting their focus away from white-collar occupations, towards entrepreneurship as a means of economic development and job creation.
The CB governor stated that, in light of the dearth of suitable employment prospects, it has become critical for governments at all levels to implement policy measures to assist youth entrepreneurial growth. TIES, according to the governor, would create an enabling business climate that encourages innovation and allows young people to realize their entrepreneurial potential.
3 verticals of the scheme
According to the apex bank, the scheme was designed to address three (3) verticals of the segment, and these are:
i. The Term Loan Component – provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.
An applicant, if successful, shall be eligible for a maximum of N5 million for an individual, sole-proprietorship or small company; and a maximum of N25 million for a partnership or company. The tenor for the facility is maximum of five (5) years, with a one-year moratorium, and at an interest of 5% per annum, which shall revert to 9% from March 2022. The pilot phase of the Scheme is presently being implemented through the Bank of Industry (BOI) with the development of an application portal and processing of submitted applications.
ii. The Equity Investment Component – is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation. The Component shall be implemented under the Bank’s AgSMEIS Equity Window. Thus, the investment limit shall be subject to the limit prescribed by the AGSMEIS Guidelines and the investment period not more than ten (10) years.
iii. The Developmental Grant Component – is aimed at raising awareness and visibility of entrepreneurship among undergraduates of Nigerian tertiary institutions.
Here, polytechnics and universities in Nigeria shall compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch innovative entrepreneurial or technological ideas with transformational potential.
Three (3) top institutions at the regional levels shall proceed to the national level, where the top five (5) shall be awarded grants ranging between N120 million and N250 million.
In his concluding remarks, Emefiele said that with the lunch of the scheme, and other programmes such as this, the higher institutions will not only be ready and able to provide real solutions to the various challenges emanating from their immediate environment and even beyond, but who can compete favourably with their counterparts around the world.
When will it start TIES am willing to register,I am a graduate
Please I need the loan to support my petty herbal business
NYSC; skill acquisitions and entrepreneurship development (SAED) supposes to be considered, not only tertiary institutions entrepreneurship development.
Saleh gas
Very nice job
This Administration is really up to a lot of Good…we await this diligently
Graduate after how many years could be qualified for ties?
I m an entrepreneur in the last 9 years, I wish to apply for the scheme to resuscitate and grow my business in the into the level of Digital transformation of today. Weather we like it or not , that is the future of tomorrow for business and commerce .
Which loan bank that can borrowed me money to establish myself with lower interest rate.
Oga Emefiele well done for viewing our messages. But one thing you need do for us is, how d’ you manage in order for this money to get to the appropriate needy individuals like me? Common entrepreneurs men in the street. Bank of industry will channel this money to their family members, please I need mine to be paid directly into my account number through my BVN. I can’t wait i have already done clearing my paints factory space. Please help I’m desperate for this loan 08070688908
Mr Governor sir ,Nigerian will appreciate this initiative if it will be monitored by CBN by paying this loan direct to individual account through the BVN let us apply through CBN for proper disbursement ,I’m into agriculture and I need this loan to support my business this no body is lazy if the government is ready to assist us …please don’t put it under any organization or NGOs they will end up sharing the money to their family members..a lot youth are ready to establish them self if there’s support from the Government ..I’m in need of this loan as soon as possible sir please help my life 08103051465 … Thanks?????
The present administration is trying their best but the ministries in charge are making things difficult for the masses. I have attempt the B. O.I twice but their requirements can’ t be fulfill. If government can do this directly to the appropriate individual it will solve a lot of problem sir. Thanks Eminent Auto Repair And Diagnostics Services.
I’m an accounting gradate from University of Cross River. I’m a timber dealer with two staffs working under me, I need to expand my business to create more value and engage moore labour, I believe this support scheme will add more value and support to my business. Long live CBN, long live Nigeria
CBN should please handle this directly not thirdparty involvement so that the aim should be actualized because all this Bank of Industry BoI can’t be trusted. Last loans handled by BoI couldn’t get to me.
It’s quite unfortunate that the president cares less about all that goes on in the country . If not, all this phantom intervention would have been exposed.
God day sir, my honourable Governor. God has given you the wisdom to do something like this. Kudos to you. I know that God will also give you the wisdom to channel it to the appropriate place.
Welldone sir and God bless.
Nice one sir,please I need the loan for my Agricultural farm .
I have passion for agricultural farm just that I don’t have money to facilitate it ,though I am trying my with the little I have .
What a nice job pls ineed the loan how can I get it ? Some body should help me pls
How can I get the lon
I am interested to expand my farming Business
What a great opportunity I need loan to enhance my faultry business, I am graduate
What a good opportunity for we youth wow
I’m a graduate of Benue State University, who business management as a course and I need this loan to set my own business.
This is another good initiative of this administration.
Thumps up for all the youth support schemes thus far