How To Apply For CBN N500,000 Grant

The Central Bank of Nigeria (CBN) N500,000 grants portal has opened for graduates and undergraduates.

The apex bank announced that as part of its effort to boost economic growth and reduce unemployment among graduates of Nigeria Polytechnics and Universities, introduced the Tertiary Institutions Entrepreneurship Scheme.

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 geared towards job creation, economic growth and sustainable development.

CBN therefore developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with the academia( Universities and Polytechnics) to unleash the potential of the Nigeria graduate entrepreneurs (gradpreneurs) by providing re-orientation, training and an innovative financing model that will enhance the entrepreneurial ecosystem with transformational impact on the economy.

Details of how to apply for CBN N500, 000 can be accessed here.

Key highlights of the guideline

• Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.
• This scheme will run for the first time (no later than 31 December 2031) in 10 years, depending on the complexity of the project.
• Repayment of interest and principal must be made on a monthly or quarterly basis according to a set cash flow cycle and according to an approved repayment schedule.

Eligibility Criteria 

Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:

i. First-degree certificate (BSc/HND/ or it is 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

v. Duly signed Global Standing Instruction (GSI);

vi. Third party guarantee: a senior federal/state civil or public servant, clergy, recognised traditional ruler, professionals (lawyers, doctors, accountants etc.), confirmed staff of established companies.

How to apply for CBN N500, 000 Grant

Interested persons can apply HERE for further details