TIES ‘ll Boost Non-Oil Sector Contribution To Nigeria’s GDP – CBN

BY CHINYERE OBIORA, LAGOS – The Central Bank of Nigeria (CBN) says implementing the Tertiary Institutions Entrepreneurship Scheme (TIES) will boost the non-oil sector’s contribution to the country’s Gross Domestic Products (GDP)

Releasing the guidelines for implementing TIES recently, the apex bank said the Scheme is intended to provide an enabling environment for co-creation, mentorship, and development of entrepreneurial and technological innovations.

In addition, the CBN said TIES will fast-track ideation, creation, and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria as well as promote gender balance in entrepreneurship development through capacity development and improved access to finance.

Further highlighting details of the guidelines, CBN said the focal targets under the Scheme include Gradpreneur-led innovative start-ups and businesses with access to finance under the Scheme – 25,000 annually; Sustainable jobs created by gradpreneur-led businesses financed under the Scheme-75,000 annually; and Female-gradpreneurs financed as a percentage of total projects financed under the Scheme with 50 percent per annum.

It further said activities that the Scheme would cover include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the areas: Agribusiness – production, processing, storage and logistics and Information technology which involved– application/software development, business process outsourcing, robotics, data management.

The apex bank also said the take-off capital of the scheme would be sourced from both the Agribusiness/Small and Medium Enterprise Investment Scheme (AgSMEIS) while Focal Components of the Scheme shall be implemented through three components, Term Loan Component; Equity Investment Component; and Developmental Component.

According to the CBN, the scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development.

It also said the scheme aimed at providing an innovative financing model that creates jobs and enhances the entrepreneurial ecosystems while further supporting economic growth and development.