Because of the high unemployment rate, every young person in Nigeria must now look for self-employment. Self-employment requires funding in order to succeed. The role of TIES loans can be seen in this. With the ties loan, every graduate in Nigeria has access to an immediate loan to fund their businesses.
Tertiary Institutions Entrepreneurship Scheme (ties) is a program that aims to equip Nigerian polytechnic and university graduates with entrepreneurial skills for the growth of their own businesses, the country’s economy, and the creation of new jobs.
In an effort to spur economic growth and reduce unemployment among Nigerian university graduates, the central bank of Nigeria established the tertiary institution’s entrepreneurship scheme. The scheme aims to inspire undergraduates and recent graduates to abandon their pursuit of white-collar employment in favor of an entrepreneurial culture that promotes job creation, economic growth, and sustainable development.
In order to tap into the potential of graduate entrepreneurs (gradpreneurs), the central bank of Nigeria (CBN) launched the tertiary institution’s entrepreneurship scheme (ties) in collaboration with the academic community (universities and polytechnics). This provision of re-orientation, training, and a cutting-edge finance model will strengthen the entrepreneurial environment and have a seismic influence on the economy.
Objectives Of TIES
The main objective of the scheme is to make it simpler for Nigerian polytechnic and university students, as well as recent graduates, to obtain financing for innovative business and technological concepts. Additionally, more specific scheme goals include the following:
- Create an atmosphere that is supportive of co-creation, mentoring, and the development of technology and entrepreneurial ideas for value creation in collaboration with Nigerian universities and polytechnics for the goal of stimulating the economy and creating jobs
- Accelerate the ideation, development, and culture of entrepreneurship-driven innovation among Nigerian graduates of polytechnics and universities;
- Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic growth in collaboration with academics and industry practitioners;
- Promote gender balance in the development of entrepreneurship through capacity development and enhanced access to funding;
- Increase the nation’s GDP contribution from non-oil sectors.
Eligible activities (business domains)
The following sectors’ activities would be covered by the scheme, including innovative start-ups and emerging businesses led by Nigerian university and polytechnic graduates:
- Production, processing, storage, and logistics in the agricultural industry;
- The development of software and applications, robotics, business process outsourcing
- Data management, the creative industries including entertainment,
- Fine art, publishing, event planning and management, fashion, photography, and cosmetics
- Robotics engineering, technology, and medical innovation
How do I submit a TIES loan application?
These are the steps to take if you want to apply
- Click on this link to see their website right away: https://cbnties.com.ng
- Tap “apply now” after that.
- Complete the registration form with the correct information, verify your request, and then submit it. you’ll watch out for their response after they approve.
Is TIES a grant?
The TIES loan is a loan with particular terms and circumstances that can be repaid over an agreed-upon duration and is not a grant. The equity investment component will take the shape of additional financial projections for start-ups, corporate expansion, or the revival of struggling entrepreneurial enterprises. The ties development component awards funding to Nigerian universities and polytechnics after they compete in and rank first in a national biennial (i.e., every two years) entrepreneurship competition.
TIES aims to promote entrepreneurial talent searches in Nigerian polytechnics and universities, increase undergraduate students’ awareness of high-impact entrepreneurial and technological ideas, and encourage innovations that are both commercially viable and have transformative effects.