The Central Bank of Nigeria (CBN) said on Tuesday it has shortlisted 30 tertiary institutions across the country to participate in its Maiden Tertiary Institutions Entrepreneurship Scheme (TIES).
The best five among the competitors will receive N900 million.
Persecondnews reports that CBN introduced the TIES as part of its policies of creating a paradigm shift among undergraduates and graduates of Nigerian universities and polytechnics from seeking white-collar jobs to entrepreneurship development.
Speaking at the pitch competition for the grant in Abuja, the Managing Director of Sterling Bank, Mr Abubakar Suleiman, said the grant would support business ideas on agriculture, creative industry, science and technology and information and communication technology.
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He noted that TIES comprises three components, and the money would enable the winning institutions to turn their ideas into functional businesses that would generate employment for their students as well as the immediate community of the school.
According to Suleiman, six institutions were drawn from each geopolitical zone, and the winner will be awarded N250m; second will go home with N200m, third, N180m, fourth, N150m and fifth will be given N120m
He said the selection process would be rigorous in a bid to identify top performers and eventual winners.
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