Are you looking for CBN TIES Grant 2023/20024 Registration Form? If yes, we are pleased to inform you that registration has started and the TIES portal is now fully opened to accept new applications.
The Central Bank of Nigeria, as part of its effort to boost economic growth and reduce unemployment among graduates of Nigerian 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.
The Central Bank of Nigeria(CBN) therefore developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with the academia( Universities and Polytechnics) to unleash the potential of Nigeria graduate entrepreneurs (gradpreneurs) by providing re-orientation, training, and innovative financing model that will enhance the entrepreneurial ecosystem with transformational impact on the economy.
The meaning of the abbreviation “TIES” may be unclear to some. Tertiary Institutions Entrepreneurship Scheme is TIES, in case you didn’t know.
The CBN Tertiary Institutions Entrepreneurship Scheme (TIES) award was established by the Central Bank of Nigeria to reduce unemployment and improve financial access for the nation’s youth, particularly recent graduates from various universities, polytechnics, and colleges.
Note, youths or graduates who want to apply for the CBN TIES grant must have innovative business and technical ideas.
CBN TIES Grant 2023/20024 Objectives
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 for value creation in partnership with Nigerian polytechnics and universities for the purpose of economic development and job creation;
- 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 the contribution of the non-oil sector to the nation’s GDP.
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Central Bank of Nigeria (CBN) N500 Million TIES Grant
According to the central bank, the main aim of creating TIES is to suppress the trend of white-collar job seekers and concentrate more on job creation.
The top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded.
- First Position: One Hundred and Fifty Million Naira (N150 million)
- Second Position: One Hundred and Twenty Million (N120 million)
- Third Position: Eighty Million Naira (N80 million)
- Fourth Position: Eighty Million Naira (N80 million)
- Fifth Position: Fifty Million Naira (N50 million)
According to Apex Bank, a private and public sector expert organization (BoE) will be formed for two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities.
BoE will recommend high-potential projects. and the variable impact on the award of the grant.
Key highlights of the CBN N500k TIES Grant
All Projects funded under the scheme will be supervised by independent monitors set up jointly by the Central Bank of Nigeria, CBN, and MFIs.
The 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.
The CBN TIES Loan is a fantastic initiative that equips Nigerian college grads with the knowledge they need to launch their own enterprises. Jobs are created as a result, of fostering economic growth.
It’s now been opened on this door. How do I apply for a CBN TIES Loan via this portal? Let’s find out.
Every young person in Nigeria is now required to hunt for employment on their own because of the country’s high unemployment rate. Self-employment requires money, nevertheless, in order to succeed. Loans are utilized to finance this. Every Nigerian graduate who wants to start their own business can do so with the TIES loan, which is available immediately.
CBN TIES Grant 2023/20024 Eligibility
To participate or apply for the CBN TIES Grant, you must;
i. be a graduate of Nigeria Polytechnics and Universities.
ii. First-degree certificate (BSc/HND/ or it is equivalent);
iii. National Youth Service Certificate (NYSC) discharge or
exemption certificate;
iv. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
v. Not more than 7 years post-NYSC
Who qualifies for TIES?
The government would only consider Nigerians with university or polytechnic degrees. They’ll also favor creative entrepreneurial activities with export, job creation, and revolutionary potential.
How to Apply/Register for CBN TIES Grant 2023/20024 Online
TIES CBNTIES CBN
Follow these instructions to apply: Interested and qualified applicants should;
- Visit: https://cbnties.com.ng/register
- Click on Register
- Complete the registration form
- Submit
TIES interest rate:
Graduates and undergraduates utilizing TIES will pay 5% interest until February 2023. 9% in March 2023.
What’s the TIES maximum?
Here are the TIES loan amounts by level:
- Tier 1 (individual projects): N5M with a 5-year duration.
- Tier 2 (Projects with 5 or fewer partners): Your 5-year loan limit is N25 million.
How do I contact TIES?
Here’s a link: https://cbnties.com.ng/contact Send your inquiry and info. Soon, they’ll reply.
Important
The TIES loan helps graduates and students with enterprises. This technique promotes entrepreneurship to create jobs. Review the TIES application information above. The scheme is only for Nigerian university graduates and students.
If you need more information about CBN TIES Grant, kindly feel free to ask any question in the comment box below. You can also provide us with your phone number or email address for more updates.
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