Chimara Bygold…To Harness Potential Of “Gradpreneurs”
THE Central Bank of Nigeria (CBN), on Wednesday, released guidelines for the implementation of tertiary institutions entrepreneurship scheme.
The Guideline outlines the operational modalities for the Scheme, with the objective of enhancing access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
Join our WhatsApp ChannelAvailable on its website, the CBN said that, as part of its policy measures to address rising youth unemployment and underemployment, it has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
It further stated that Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: First place N150.0 million; Second place, N120.0 million; Third place N100.0 million; Fourth place N80.0 million; and Fifth place N50.0 million.
The Scheme, according to the apex bank, 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.
“Other specific objectives of the Scheme include: Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations;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 among others.
According to the guideline,50 per cent per Female-gradpreneurs will be financed as a percentage of total projects financed under the Scheme annually; Agropreneurs financed as a percentage of total projects financed under the Scheme – 40 per cent per annum; Creative entrepreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum; Techpreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum; and other gradpreneurs financed as a percentage of total projects financed under the Scheme – 20 per cent per annum.
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: Agribusiness – 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 systems, traffic systems, renewable energy, waste management; and any other activity as may be determined by the CBN from time to time.
“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.
“The take-off capital will be sourced from both the Agribusiness / Small and Medium Enterprise Investment Scheme (AgSMEIS).
CBN said applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with: First degree certificate (BSc/HND/ or its equivalent); National Youth Service Certificate (NYSC) discharge or exemption certificate; Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and not more than seven years post-NYSC.
It added that focus shall be on both greenfield (new) and brownfield (existing) projects in ratio 40:60, respectively and that in order to promote gender equality, 50 per cent of the Term Loan Component of the Scheme shall be earmarked for female-led or -owned projects.
” The Bank shall constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian tertiary institutions,” CBN stated in the guidelines.
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