The first position would attract N250 million; the second N200 million; while the third, fourth and fifth would receive N180 million, N150 million and 120 million, respectively.
CBN introduced the TIES as part of its policies of creating a paradigm shift among undergraduates and graduates of Nigerian universities and polytechnics from seeking white-collar jobs to entrepreneurship development.
The scheme comprised three components: Term Loan, Equity Investment and Development (grant).
The CBN, under the developmental component, called for proposals from Nigerian universities and polytechnics to compete for development grants.
The grant has been designed to promote the development of innovations that are commercially viable and have the potential for high economic impact.
Sectors of focus include agribusiness, the creative industry, science and technology, as well as, Information and Communications Technology.
One of the competitors, Dr Caroline Alenoghena of the Federal University of Technology, Minna, Niger State, in company with her student, Miss Esther Afolabi, are asking for grant to expand their Shea business hub.
According to her, Shea nuts grow abundantly in the northern part of Nigeria but its potential are not fully harnessed due to lack of a strategic template to explore it.
She revealed that her team also pitched for the deepening of e-commerce in creating awareness and benefits of commercial dealership in Shea products.
She noted that her team targets to create 2,500 direct jobs along the Shea value chain, adding that N182 million would be required to achieve its aims and objectives which are very scalable.
She said: ‘We have researchers working on expanding Shea products. We are adopting and turning research findings into businesses. International certifications are needed and we intend to acquire those. We have a grant from World Bank and we will set up labs to have US certification and others. There enormous potential Shea products, not only Shea butter”.
In her remarks, Esther Afolabi, a Soil Science and Land Management student of FUT Minna described Shea value chain as a lucrative venture, especially as the materials for processing can be fabricated locally.