TIES undergraduates and graduates Entrepreneurship Scheme - What To Know

TIES undergraduates and graduates Entrepreneurship Scheme - What To Know

The Central Bank of Nigeria, pursuant to the CBN Act, 2007 and as part of its policy measures to address rising youth unemployment and underemployment, 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 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.

The Scheme thus aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development. The Guidelines outlines the operational modalities for the Scheme.

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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:

i. Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations

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

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

iv. Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and

v. Boost contribution of non-oil sector to the nation’s GDP.

Focal Targets

In order to ensure that the Scheme achieves its desired objective and targets, the focal targets under the Scheme shall include the number of:

i. Gradpreneur-led innovative start-ups and businesses with access to finance under the Scheme – 25,000 annually

ii. Sustainable jobs created by gradpreneur-led businesses financed under the Scheme – 75,000 annually

iii. Female-gradpreneurs financed as a percentage of total projects financed under the Scheme – 50 per cent per annum

p>iv. Agropreneurs financed as a percentage of total projects financed under the Scheme – 40 per cent per annum

v. Creative entrepreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum

vi. Techpreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum; and

vii. Other gradpreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum.

Eligibility Criteria for Participation Applicants under the Scheme shall be graduates of Nigerian Polytechnics and universities with:

i. First degree certificate (BSc/HND/ or its equivalent)

ii. National Youth Service Certificate (NYSC) discharge or exemption certificate

iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and

iv. Not more than 7 years post-NYSC

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Eligible Activities

Activities to be covered under the Scheme shall include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the following areas:

i. Agribusiness – production, processing, storage and logistics

ii. Information technology – application/software development, business process outsourcing, robotics, data management

iii. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics

iv. Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management; and

v. Any other activity as may be determined by the CBN from time to time.

Note: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.Trading activities shall not be eligible for financing under the Scheme.

Funding

The take-off capital will be sourced from both the Agribusiness / Small and Medium Enterprise Investment Scheme (AgSMEIS).

Focal Components of the Scheme

The Scheme shall be implemented through three (3) components:

i. Term Loan Component

ii. Equity Investment Component; and

iii. Developmental Component

Term Loan Component

Graduates of Nigerian polytechnics and universities shall be eligible to participate under the Term Loan Component

For more information about TIES, check the Guidelines For The Implementation Of Tertiary Institution Entrepreneurship Scheme (TIES)