Have you heard of the recently announced Central Bank of Nigeria (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES)? the scheme which was introduced to help mitigate the rate of unemployment in the country amongst graduates and undergraduates, is part of CBN’s policy to address rising youth unemployment and underemployment.

RELATED REMINDER:

Let’s quickly remind you that PHACODA will be commencing the training of 2.5m Nigerians. A certain group called promotion of human AID and community development in Africa (PHACODA) has concluded plans to empower young people spread across the 36 states of the Federation.

“The objective of the programme is to create awareness and sensitize youths on the importance of skill acquisition which will in turn provide them job security and also make them self-reliant,” Angels said.

According to the information gathered, the 25 available courses are; Photography, Graphics Design, Fashion Designing, Hair Styling, Nail tech, Make-up, shoe Making, Carpentry/woodworks, Culinary, Bakery and Pastry, Video production, Automobile mechanic, Sound engineering, Music production, Barbing, Computer engineering, Skin care, Phone engineering, Welding/fabrication, Electrical engineering, Paint production, Architecture design, Interior design and Costume design, Special effect. He added that the participants will undergo a period of 1year Diploma Level intensive theory training, practical training, and trade experience.


Angel also stated that at the end of the programme, the trainees will be evaluated and certified by the Federal Ministry of Labour and Employment. He called on interested candidates to register on https://edu.phacoda.com and enrol the preferred course from our course list.

About CBN TIES Loan

Central Bank of Nigeria has developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

Purpose Of CBN TIES Loan

The major purpose of the scheme is to help finance undergraduates and graduates of polytechnics and Universities inside Nigeria with innovative entrepreneurial and technological ideas.

Government Related Schemes:

TIES Loan FAQ

  • What TIES Focus?
  • What type of persons are eligible?
  • How do i apply?
  • What are the three components of the scheme?

To satisfy your curiosity, here is what you should know;

Components Of CBN TIES Loan Scheme

The scheme was designed and will be implemented via three components;

  • Term Loan Component.
  • Equity Investment component
  • Developmental Component.

CBN TIES Loan Application Form/Portal

Visit the official portal to apply at https://cbnties.com.ng/. Note that the Scheme shall be operated for a period of 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.

https://cbnties.com.ng is the ONLY approved portal for submission of applications.

Note: The CBN will never charge you or ask you to pay to submit your loan application or to access the loan.. For further information and the guidelines. Please visit www.cbn.gov.ng

CBN TIES Area Of Focus

The scheme will focus on innovative start-ups and existing businesses belonging to graduates of Nigerian institutions in the area of:

  • Agribusiness – Production, processiing, storage and logistics.
  • Information Technology – Application/software development, business process outsourcing, robotics, data management.
  • Creative Industry – Entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics.
  • Science and Technology – Medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management.

The scheme will also focus on other programmes beside the mentioned, this will be included by CBN from time to time.

About CBN TIES Term Loan Components & Requirements

Term loan is classified into two tiers; the first tiers gets a loan limit of N5.0 million, while the second tiers get N25.0 million.

Both has a duration of 5 years and interest rate of 5% per annum (9% effective from March 1, 2022 or as decided by CBN and note that the Moratorium is 12 months.

  • Graduates of Nigerian polytechnics and universities are eligible to participate under Term Loan Component.
  • Applicant must be graduates of Nigerian polytechnics and universities within the past 7 years with entrepreneurial interest.
  • Applicants can apply online via the online portal provided by CBN .
  • Valid mobile phone number that is (linked to your NIN), BVN, NIN, TIN and email address;
  • Evidence of business registration (certified true copies of relevant CAC documents)
  • Corporate bank account number of business
  • Get first degree certificate (BSc/HND/ or equivalent
  • Get National Youth Service Certificate (NYSC) discharge or exemption certificate
  • Certificate of Participation issued by polytechnics and universities showing proof of entrepreneurship training.

About CBN TIES Equity Investment Loan Components & Requirements

The Equity Investment Component is likely to be in form of injection of fresh capital for start-ups, expansion of already established businesses or reviving of collapsed businesses.

  • The implementation of this component will be under the AgSMEIS Equity window. Kindly note that the application for participation under this will be done via the official portal announced by the central bank of Nigeria.
  • The investment limit will be subject to the limit according to AgSMEIS Guidelines
  • Investment period for this component will be a maximum period of ten years and will not exceed the 31st of December 2031.
  • This component will have a 3-year lock-in period before it ends. This is to encourage value creation and boost managerial capacity of business.

About CBN TIES Developmental Loan Components & Requirements

The Developmental Component will be shared in the form of grants to Nigerian polytechnics and universities for the national biennial entrepreneurship competition.

  • Nigerian polytechnics and universities are to compete to raise awareness and visibility of entrepreneurial/technological ideas among undergraduates during the competition.
  • The process to participate under the Development component will be via the submission of application on the website provided by the central bank of Nigeria.
  • Experts will be invited to evaluate the entrepreneurial and technological innovations that the Nigerian polytechnics and universities have submitted, and after which,the top 5 will be awarded with the grand prizes below:

First place – N150.0 million;

Second place – N120.0 million;

Third place – N100.0 million;

Fourth place – N80.0 million; and

Fifth place – N50.0 million.

Who Can Apply?

Only those with a Nigerian polytechnic or university degree will be considered. Also, Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

The documents listed below will confirm your eligibility.

  • First-degree certificate (BSc/HND/ or it’s equivalent)
  • National Youth Service Certificate (NYSC) discharge or exemption certificate
  • Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
  • Not more than 7 years post-NYSC.
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