Loans of up to N25 million are available to graduate entrepreneurs.

Loans of up to N25 million are available to graduate entrepreneurs.

To harness the potential of graduate entrepreneurs, the Central Bank of Nigeria (CBN) has issued guidelines for the implementation of its Tertiary Institutions Entrepreneurship Scheme (TIES).

The apex bank announced this on Wednesday in a document signed by Yusuf Yila Philip, CBN’s director of development finance.

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According to the CBN, the TIES aims to improve access to finance for Nigerian undergraduates and graduates of polytechnics and universities with innovative entrepreneurial and technological ideas.

According to the bank, the scheme aims to fund 25,000 gradpreneurs each year, which will result in the creation of an additional 75,000 sustainable jobs.

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The CBN stated that the scheme is open to both new and existing businesses in fields such as agribusiness, information technology, the creative industry, and science and technology.

It also stated that priority would be given to innovative entrepreneurial activities with high export, job creation, and transformational impact potential.

The central bank explained that the scheme will be implemented in three stages: term loans, equity investments, and development components.

Individual projects can access a maximum loan of N5 million with a five-year tenor and a 5% annual interest rate through the term loan component (nine percent effective from March 1, 2022, or as may be prescribed by the CBN)

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