DEADLINE: 28TH FEBRUARY, 2022
CENTRAL BANK OF NIGERIA EXTENSION OF DEADLINE FOR SUBMISSION OF APPLICATIONS DEVELOPMENTAL COMPONENT GRANT UNDER THE TERTIARY INSTITUTIONS ENTREPRENEURSHIP SCHEME (TIES)
Apply online: www.grant-cbnties.com.ng

The Tertiary Institutions Entrepreneurship Scheme (TIES) is an initiative of the Central Bank of Nigeria (CBN) aimed at addressing the rising youth unemployment and underemployment by creating a paradigm shift among undergraduates and graduates from the pursuit of white collar jobs to a culture of job creation, economic growth and sustainable development.

(1.0)  INTRODUCTION
The Central Bank of Nigeria is now accepting proposals from Nigerian Polytechnics and Universities under the Developmental Component of its Tertiary Institutions Entrepreneurship Scheme (TIES). The Scheme is designed to raise awareness and visibility of high-impact entrepreneurial/technological ideas among undergraduates and support the development of innovations that are commercially viable and with transformational impact.

This Component of TIES shall be disbursed in the form of grant to Nigerian Polytechnics and Universities that emerge as top five finalists in a national entrepreneurship competition.

(2) Scope of Activities
Proposals will be accepted under the following four (4) verticals:

(a) Agribusiness

(b) Creative Industry

(c) Science & Technology

(d) Information & Communication Technology

(3) Eligibility

  • Only Nigerian Federal, Private and State Polytechnics and Universities are eligible to participate under the Scheme by submitting an expression of interest (EOI) to the Director, Development Finance, Central Bank of Nigeria, Corporate Headquarters, Abuja.
  • The EOI should provide detailed name, email address and telephone number of the Registrar as the official representative of the institution for the application process.
  • Each institution shall be eligible to submit a maximum of two (2) proposals in any of the categories of their choice.

(4) Modalities

  • The Registrar shall submit application, with relevant documentation, through the dedicated portal: grant-cbnties.com.ng.
  • The Body of Experts (BoE) constituted from the private and public sector shall evaluate submitted proposals through engagements that showcase undergraduates competing by pitching the project ideas, first at the regional levels, with the top three (3) finalists proceeding to the national event.
  • Final top five (5) entrepreneurial and technological ideas/innovations at the national level shall be awarded the grant on the recommendation of the BoE.

(5) Grant Award Categories
The Grant shall be awarded to the final top five (5) entrepreneurial and technological ideas/innovations as follows:

  • First place– #250.0 million
  • Second place– #200.0 million
  • Third place– #180.0 million
  • Fourth place– #150.0 million
  • Fifth place– #120.0 million

Every Polytechnic and or University awarded the grant shall be required to provide a robust case to show value for money for the grant-winning entrepreneurial and technological ideas/innovations and also submit periodic progress reports on the project implementation status to the CBN.

Note: The deadline for submission of applications is extended to 28 February, 2022

The CBN reserves the right to reject any proposal that does not meet the stipulated requirements.

For further information on the guidelines and other inquiries, please visit www.grant-cbnties.com.ng

SIGNED:
PHILIP YILA YUSUF
DIRECTOR, DEVELOPMENT FINANCE DEPARTMENT

Banner