By Ashemiriogwa Emmanuel
As part of its policy measures to address rising youth unemployment and underemployment, the Central Bank of Nigeria (CBN) has disclosed that it will support students in tertiary institutions to encourage entrepreneurship.
According to the apex bank, a grant of N500 million would be awarded to five top Nigerian polytechnics and universities with the best entrepreneurial pitches or ideas.
“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million,” a report from the central bank on Wednesday, October 20, titled Guidelines for the implementation of tertiary institutions entrepreneurship scheme stated.
The bank said it would receive offers from crucial sectors of the economy like agribusiness, information technology, creative industry, and science and technology.
On implementation, CBN disclosed that a Body of Experts (BoE) from the private and public sector would be put together for the regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by participants.
The BoE, who will review and recommend the projects, will comprise four representatives from the Bankers’ Committee, one representative from consulting industry, and one nominee from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The body to review the pitches also comprises one nominee each from the Nigerian Universities Commission (NUC), National Board for Technical Education (NBTE), and from the CBN (Secretary).
“Participation under the developmental component shall be restricted to undergraduates of Nigerian polytechnics and universities.
“Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal (https://cbnties.com.ng), outlining brief details of the project, potential impact, and evidence of originality of the project.
“The submitted applications shall be evaluated by the BoE through engagements that showcase undergraduates competing by pitching entrepreneurial and technological innovations at regional levels, with finalists proceeding to the national event for final consideration and ranking by the BoE,” CBN disclosed.
According to the bank, the program, which will be aired a month on national television stations and on social media, will help promote the value of entrepreneurship.
It said that the awarded grant will be credited “in tranches of 55:45 ratio” directly to a dedicated account opened for the purpose of the funding.
