The Federal Government is helping young school leavers with economic ideas to start early by providing loan/grant through The Tertiary Institutions Entrepreneurship Scheme (TIES), on this page we will be helping you with details on how you can access this funds. (Note that the fund is free on application)
The Central Bank of Nigeria, 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.
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Focal Components of TIES
The Scheme shall be implemented through three (3) components:
Term Loans
This shall be in the form of soft business loans. Only graduates of Nigerian polytechnics and universities that have undergone entrepreneurship training shall be eligible to participate under this Component.
Requirements
- Bank Verification Number (BVN);
- Verified first degree certificate (BSc/HND or its equivalent);
- Verified National Youth Service Certificate (NYSC) discharge or exemption certificate;
- Certificate issued by polytechnics and universities evidencing entrepreneurship training;
- Duly signed Global Standing Instruction (GSI);
- 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.
Requirements
The group shall apply as a business entity registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.
- Bank Verification Number (BVN);
- Verified first degree certificate (BSc/HND or its equivalent);
- Verified National Youth Service Certificate (NYSC) discharge or exemption certificate;
- Certificate issued by polytechnics and universities evidencing entrepreneurship training;
- Duly signed Global Standing Instruction (GSI);
- 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.
Developmental Component
The Developmental Component shall be disbursed in the form of Grants. The Grant shall be accessible by Nigerian polytechnics and universities through a biennial national entrepreneurship competition aimed at raising awareness and visibility of high-impact start-up ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities and encourage innovations that are commercially viable and with transformational impact.
The top five (5) Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
| 1 | First place | N250.0 million; |
| 2 | Second place | N150.0 million; |
| 3 | Third place | N100.0 million; |
| 4 | Fourth place | N75.0 million; and; |
| 5 | Fifth place | N50.0 million. |
The grants shall be in the following areas:
- Agribusiness;
- Information technology;
- Creative industry; and
- Science and technology
Interested Nigerian polytechnics and universities shall apply on a dedicated online portal with brief details of the project, likely impact and evidence of originality of project.