Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 43)

The Central Bank of Nigeria (CBN) introduced the Tertiary Institutions Entrepreneurship Schemes (TIES) to promote the culture of entrepreneurship among the undergraduates and graduates of Nigerian Universities and Polytechnics. The TIES represents an innovative financial model, comprising three different categories of facilities for entrepreneurship in agribusiness, information technology, creativity industry, and science and technology. The TIES was enacted in response to the economy’s rising levels of youth unemployment and underemployment. The scheme seeks to finance 25,000 start-ups and businesses led by graduate entrepreneurs, with the goal of creating 75,000 jobs per year. This is a timely intervention, which is expected to lead to the birth of innovative businessess in the country. It is important that the selection of graduate entrepreneurs under the scheme follows a transparent process. In addition, a structure needs to be created to promote effective use of the finance provided, in order to avoid diversion of funds for non-business related expenses. Given that many graduates have innovative ideas but lack funding, it is critical that TIES is apolitical, and transparent to ensure equal opportunities to applicants, regardless of gender and geographical location.

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