By Uzair Adam Imam
The Central Bank of Nigeria (CBN) has earmarked N500 million grant to the universities and polytechnics in Nigeria.
CBN said that the effort is to help the teeming youths in tertiary institutions to promote entrepreneurship and also reduce unemployment.
In the report titled: “Guidelines for the implementation of tertiary institutions entrepreneurship scheme”, CBN made this known on Wednesday
“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said.
According to the guideline, the aim of the scheme is to promote access to finance by undergraduates and graduates of universities and polytechnics in Nigeria.
Students will be help with innovative Entrepreneurial and technological ideas to enable them build their future.
The guidline added that Individuals will be entitled to a loan limit of N5.0 million to be paid within the maximum period of 5 years at an interest rate of 5 percent for each year.