CBN releases guidelines on implementation of Tertiary Institutions Entrepreneurship Scheme

Pursuant to the CBN Act 2007 and as part of its policy measures to address rising youth unemployment and underemployment in the country, the Central Bank (CBN) has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

The Scheme designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation, is also aimed at providing an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.

The guidelines outline objectives of the scheme; “The broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

Other specific objectives of the scheme include:
Provide an enabling environment for co-creation, mentorship and
development of entrepreneurial and technological innovations;

Fast track ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria;

Promote gender balance in entrepreneurship development through capacity development and improved access to finance;

Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and Boost contribution of non-oil sector to the nation’s GDP.