CBN Grant: 30 Tertiary Institutions Compete For N950m

The Central Bank of Nigeria (CBN) has shortlisted 30 tertiary institutions across the country to participate in its Maiden Tertiary Institutions Entrepreneurship Scheme (TIES).

The program aimed to provide grant to empower institutions develop award-winning innovations and support the development of commercially viable and economically beneficial projects.

Speaking at the pitch competition for the grant in Abuja, the Managing Director of Sterling Bank, Abubakar Suleiman, says it would support business ideas on agriculture, creative industry, science and technology and information and communication technology.

According to him, six institutions were drawn from each geopolitical zone, the winner will be awarded N250m; second will go home with N200m, third, N180m, fourth, N150m and fifth will be given N120m.

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He says 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.

Adding that the selection process would be rigorous to identify top performers and eventually the winners.

Dr Caroline Alenoghena, representing Federal University of Technology, Minna, explain that its business idea is to set up a shea business hub.

That with Niger State accounting for 57 per cent of all shea products in Nigeria, the idea would help rural women in the production of the product in innovative ways while also providing a marketing and e-commerce platform for the business value chain.