Tertiary Institutions Entrepreneurship Scheme (TIES)– CBN ₦500M Grant 2022



About TIES

The Central Bank of Nigeria has introduced the Tertiary Institutions Entrepreneurship Scheme, as part of its mission to boost economic growth and reduce unemployment rate among Nigerian graduates.

Targeted at changing the mindsets among graduates and undergraduates to embrace entrepreneurship geared towards job creation, economic growth and sustainable development.

The Central Bank of Nigeria in partnership with the Nigerian universities and polytechnics developed the Tertiary Institutions Entrepreneurship Scheme (TIES) to build the future of the Nigerian graduates by providing access to finance and business training.

Objectives

  • The primary goal of CBN TIES is to promote the Nigerian graduates by providing access to finance, Other targets includes
  • Create an ecosystem for co-creation, coaching, entrepreneurial advancement and technological transformations in partnership with Nigerian polytechnics and universities for the purpose of economic growth and job creation
  • Promote gender stability through capacity building and improved access to finance
  • Promote ideation, creation and culture advancement among graduates of polytechnics and universities in Nigeria

Areas of focus (Business Sector)

The following business sector will be covered under this scheme;
  • Agro-enterprise – production, processing, storage and logistics
  • Information technology – application/software development, business process outsourcing, robotics, data management;
  • Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
  • Science and technology – medical innovation, robotics, ticketing
NOTE: Trading activities shall not be eligible for financing under the Scheme.

Key Components of TIES

This scheme will focus on 3 specific areas

1. Term Loans

Term loan is a soft business loan. Only Nigerian graduates that have undergone entrepreneurship training will be eligible to participate under this Component.

Tier 1 – Sole Proprietorship
  • Description: For sole proprietorship businesses, limited liability companies and small companies as defined by CAMA
  • Tenor: 5 years
  • Loan Limit: N5 million
  • Interest Rate: 5% from now to February 2023 ( and 9% from March 2023)
  • Moratorium: 12 months
Tier 2 - Small Company / Enterprise
  • Description: For Partnerships registered either as Limited Liability Companies and Small Companies as defined by CAMA
  • Tenor: 5 years
  • Loan Limit: N25 million
  • Interest Rate: 5% from now to February 2023 (and 9% from March 2023)
  • Moratorium: 12 months
Requirements
  • Bank Verification Number (BVN)
  • Degree: BSc/HND or its equivalent
  • National Youth Service Certificate (NYSC) discharge or exemption certificate
  • Certificate issued by polytechnics and universities evidencing entrepreneurship training;
  • Duly signed Global Standing Instruction (GSI)
  • Third party guarantee: a senior federal/state civil or public servant

2. Developmental Component (Coming Soon)

The Developmental Component shall take the form of Grants. The Grant shall be made accessible to the Nigerian polytechnics and universities through a biennial national entrepreneurship competition aimed at creating awareness and visibility of high-impact start-up ideas among undergraduates, promote entrepreneurship, talent hunts in Nigerian polytechnics and universities and encourage innovations that are commercially viable and with transformational impact.

The top five (5) Nigerian polytechnics and universities with the best business ideas shall be awarded with the following cash prize:
  • First Prize- N250.0 million
  • Second Prize N150.0 million
  • Third Prize N100.0 million
  • Fourth Prize N75.0 million
  • Fifth Prize N50.0 million
The grants shall be awarded to the following business sector;
  • Agro-enterprise
  • Information technology
  • Creative industry
  • Science and technology
Online registration portal shall be made open for Interested Nigerian graduates and undergraduates to submit their ideas

3. Equity Investment Component (Coming Soon)

The Equity Investment Component shall focus on injecting fresh capital into startups, existing businesses and revival of ailing businesses.

The Component shall be executed under AgSMEIS Equity window.

Investment Limit: Subject to the AgSMEIS Guidelines;

  • Investment made shall be for a maximum period of ten (10) years (not exceeding December 31, 2031).
  • There shall be a 3-year lock-in period before take off in order to endorse value creation and boost managerial capacity of business, unless there is a material adverse event.
  • The Bankers’ Committee Trust shall hold the equity on behalf of the AgSMEIS Fund.
  • The equity investments shall be in enterprises operating within the eligible focal areas.

How to Apply

Interested persons can apply Here

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