The Federal Government has inaugurated the Student Venture Capital Grant, disbursing ₦50 million each to 45 tertiary students drawn from universities across Nigeria. This is part of a national push to turn their ideas into scalable businesses.
The Minister for Education, Tunji Alausa, unveiled the initiative on Sunday at the UNDP innovation hub in Ikoyi, Lagos. He described it as “a bold declaration by the federal government that the next wave of global innovation would be driven by Nigerian youth.”
The 45 beneficiaries were selected from over 30,000 applicants and 65 finalists after a multi-stage process that included a three-day bootcamp and pitch presentations before industry experts. The students came from public and private tertiary institutions nationwide.
Alausa stated that the programme marks a significant change in education policy, empowering innovation-driven Nigerian students across the nation. It offers equity-free funding, mentorship, incubation, and digital tools, enabling students to progress from idea to commercial product.
From idea think tanks to job creators
Alausa affirmed that President Bola Tinubu’s administration is dedicated to fostering innovation. He stated that the beneficiaries will create jobs and promote lasting economic growth for the nation, instead of seeking employment.
The education minister explained that the programme was designed as a national intervention to support the incubation of student ideas into products and services with real-world impact on sustainable innovation and economic development.
“The idea is to transform tertiary institutions from certification centres into hubs of innovation, entrepreneurship, and economic development nationwide,” Alausa said, according to the News Agency of Nigeria.
Similar read: Student Venture Capital Grant has now received over 17,000 applications – Coordinator
Alausa acknowledged partners like the UNDP, Google, and the Bank of Industry for supporting the initiative. He said that this will significantly strengthen implementation and expand opportunities for student innovators across Nigeria.
Universities urged to become innovation hubs
The minister urged students nationwide to seize the opportunity, noting that successful companies often began as academic ideas that later evolved into global enterprises with support for innovation and access to funding.
Alausa also mentioned that universities must move beyond teaching to become innovation hubs, driving national development through research, commercialisation, and technology transfer for economic prosperity and societal advancement.
He encouraged the students to build businesses that create societal value and ensure sustainability through impactful solutions that address real-world challenges across sectors and foster inclusive economic development nationwide.
The minister also urged young innovators to support others as they succeed. He advised them to foster inclusive innovation for national development by promoting knowledge sharing and collaboration across institutions and sectors.
The S-VCG represents one of the largest single disbursements of startup capital to students in Nigeria’s history. This signals a shift towards viewing tertiary institutions as potential engines of economic growth rather than just centres for academic certification.
Whether the beneficiaries can successfully translate the funding into sustainable businesses will depend on execution, market validation, and the quality of mentorship and support systems provided through the programme.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
