The Central Bank of Nigeria (CBN) has stated that it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment.
This was contained in a CBN report titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme,’ which was released on Wednesday, October 20.
According to the bank, “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.”
CBN said activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well as science and technology.
According to the apex bank, agribusiness would include production, processing, storage, and logistics, while information technology would include application/software development, business process outsourcing, robotics, and data management.
It said the creative industry would include entertainment; artwork; publishing; culinary/event management; fashion; photography; beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.
The bank also disclosed that the interest rate will be five per cent per annum and nine per cent effective from March 1, 2022; or as may be prescribed by it, while a beneficiary must apply on the dedicated online portal; and provide all requisite documentation to support the application, the CBN said.
It noted that priority would be given to innovative entrepreneurial activities with high potential for export, job creation, and transformational impact.
Meanwhile, the Ondo State Governor, Rotimi Akeredolu, on Wednesday, October 21; stated that there is a need to ensure diversification in order to reduce the reliance on oil proceeds; while enhancing the Internally Generated Revenue of the country.
Akeredolu noted that this is important following the current decline of revenues from the oil sector of the economy.
He stated this in his keynotes address at the ninth Chartered Institute of Taxation of Nigeria Zonal Conference, held in Akure, the state capital on Wednesday, October 20.
According to the governor, the way out of the present economic challenges is to look inward; and generate revenue aside from the one coming from the oil sector.
Akeredolu said, “Every attempt for sources of revenue by the country is a step in the right direction.
“This will break the syndrome of over-dependence on petro-naira; that has subjected our fortune as a country to the vagaries of oil prices in the oil markets.”
