The Central Bank of Nigeria has announced new loans for university and polytechnic graduates who are willing to set up businesses, saying the move is part of its effort to fight rising unemployment in the country.
The bank said the credit will be implemented under its Tertiary Institutions Entrepreneurship Scheme (TIES).
“The CBN, as part of its policy measures to address rising youth unemployment and underemployment, introduces the Tertiary Institutions Entrepreneurship Scheme (TIES) to create a paradigm shift among undergraduates and graduates of Nigerian polytechnics and universities, from seeking white-collar jobs to entrepreneurship,” the bank said. “The Scheme aims to provide an innovative financing model that will boost job creation, enhance entrepreneurship development, and support economic growth.”
The loan ranges from N5 million for individual/sole proprietorship/small company projects, to N25 million for partnerships/company projects.