Thirty universities and polytechnics are competing for the top five spots in the Central Bank of Nigeria’s (CBN) Tertiary Institutions Entrepreneurship Scheme (TIES) second pitch competition, which commenced in Abuja yesterday.
A total of N900 million would be awarded to the top five contenders.
N250 million will go to the top spot, N200 million to the second, and N180 million, N150 million, and 120 million to the third, fourth, and fifth places, respectively.
As part of its efforts to change the mindset of Nigerian university and polytechnic graduates and students away from white-collar employment and toward entrepreneurship development, CBN launched the TIES.
The plan was made up of three parts: grants for development, equity investment, and term loans.
Nigerian universities and polytechnics were invited to submit ideas for development funds under the CBN’s developmental component.
The purpose of the award is to encourage the creation of technologies that have the potential to have a significant economic impact and are commercially viable.
Agribusiness, the creative sector, science and technology, and information and communications technology are among the areas of emphasis.
According to a factsheet released by the CBN, a Body of Experts (BoE) used predetermined criteria to select 30 of the 145 ideas that were submitted.
According to the apex bank, the top five ideas from each of the nation’s geopolitical zones were chosen. 21 universities in all, along with nine polytechnics from both public and private institutions are participating.
