Finance

CBN releases guidelines on TIES implementation

CBN ends cash swap programme in rural areas

In order to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas, the Central Bank of Nigeria (CBN) has release guidelineson implementation of Tertiary Institutions Entrepreneurship Schemes (TIES).

According to the apex bank, the scheme was developed  in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria, as part of its policy measures to address rising youth unemployment and underemployment in the country. It explains that the aim of the scheme is to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.

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The document states that 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.

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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.

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