CBN to Launch Tertiary Institutions’ Entrepreneurship Scheme (TIES)

Last Updated on July 14, 2021 by Ope Quadri

The coast is now clear that the launching of Tertiary Institutions’ Entrepreneurship Scheme (TIES) will be done in a couple of months as the Central Bank of Nigeria (CBN) again re-echoed the need to empower and support young Nigerian graduates who want to embrace agriculture and other businesses.

The governor of Nigeria’s apex bank Godwin Emefiele stated this during the 35th Conference of Vice-Chancellors of Nigerian Universities, which held at the Kano State University of Science and Technology (KUST) Monday.

This is the second time Emefiele stated the need to pump in monies to support the entrepreneurship spirit of fresh graduates in Nigeria. He made a similar statement at the convocation ceremony at the University of Lagos last week, details of this can be found at https://infomediang.com/sme-funding-for-nigerian-university-graduates-underway-cbn-governor

CBN said, “The proposed scheme will be targeted at graduates of tertiary institutions, including universities, polytechnics, monotechnic and colleges.”

Statistics reveal that an estimated 600,000 graduates from Nigeria’s tertiary institutions annually enter the labour market after their one year mandatory National Youth Service Corps (NYSC) programme.

According to Emefiele who was represented by CBN Deputy Director, Development Finance, Dr Adebowale Olabimtan-Idowu, “The situation has contributed significantly to the rising youth unemployment across the country.

“There is need to re-orientate youths from waiting for white-collar jobs to entrepreneurship, the scheme would be developed to support the development of entrepreneurial culture.”

What Tertiary Institutions’ Entrepreneurship Scheme Will Do For You

1) Through the scheme known as TIES, there will be accessibility to affordable finance

2) The scheme will create employment opportunities for Nigerian youths.

3) The government realises the importance of Micro, Small & Medium Enterprises (MSMEs) to the GDP, as such it is an opportunity to you to start designing your business plan even as an undergraduate.

4) For the government, the vibrant youth population of Nigeria is the future, so the focus is on you

Is the CBN serious about this?

We can see the seriousness on the part of the government considering the numerous startup financing programmes that were rolled out during the COVID-19 pandemic to support businesses that were greatly affected.

And on the proposed TIES, Emefiele promised that the apex bank will increase its development finance interventions to further support the benefits of start-ups and Small and Medium Enterprises (SMEs) in Nigeria.

 

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