The APC National Youth Advocates, a support group, has commended President Mohammadu Buhari for his commitment towards the empowerment of Nigerian students and youths.
This is contained in a statement issued by the National Coordinator of the group, Mr Timothy Nwachukwu, on Wednesday in Abuja while reacting to the 500 million naira Central Bank of Nigeria (CBN) grant earmarked for Nigerian graduates and undergraduates.
He specifically commended the president for his decision to lift millions of Nigerians out of poverty.
He recalled that the CBN’s Tertiary Institutions Entrepreneurship Scheme (TIES) was aimed at actualising the vision of President Buhari at enhancing access to finance by undergraduates and graduates of polytechnics and universities in Nigeria.
This, he noted, was with innovative entrepreneurial and technological ideas.
He added that the scheme was targeted at ending the growing trend of graduates seeking white collar jobs after years in higher institutions to a culture of entrepreneurship for economic development and job creation,
“The scheme is targeted at financing 25,000 entrepreneurs annually, who will, in turn, create an additional 75,000 sustainable jobs annually.
“Under the term loan component, an individual project can access a maximum loan of N5 million with a five-year tenor and interest rate of five percent per annum, nine per cent effective from March 1, 2022.
“Start-ups and existing businesses in areas such as agribusiness, information technology, creative industry, as well as science and technology are eligible for financing under the scheme,”he explained.
Nwachukwu added that priority would, however, be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.
He, therefore, called on Nigerian graduates to take advantage of the grant by applying through the CBN website “https://cbnties.com.ng”.
Okechukwu, however, urged Nigerian graduates to be wary of scammers who peddle false information by circulating fake url which they used to steal the data and information of unsuspecting members of the public.
He charged youths in the country to visit CBN official website to get clarifications, rather than becoming victims of those whose stock in trade was to sabotage Federal Government’s good efforts.
NAN reports that the CBN on Oct. 22, unveiled guidelines for the implementation of its Tertiary Institutions Entrepreneurship Scheme (TIES) by setting aside a total grant of N500 million for five top Nigerian polytechnics and universities with the best entrepreneurial pitches and ideas.
The bank said the grant shall apply in the areas of agribusiness, information technology, creative industry and science and technology.
The apex bank stated that the development of TIES was to address the trend of graduates seeking whitecollar jobs and turn their attention to the creation of jobs.
”The scheme is 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.”
Regarding the grant, the CBN would distribute N500million among the top five tertiary institutions with the best pitch.
CBN said, “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m”.
CBN added that it would constitute a Body of Experts from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.