The Federal Government on Monday launched a N50 million Student Venture Capital Grant (S-VCG), a national initiative designed to stimulate innovation, research excellence, and entrepreneurship across Nigeria’s tertiary institutions.
Unveiling the programme in Abuja, the Minister of Education, Dr. Tunji Alausa, said the initiative represents a strategic investment in young innovators and aligns with President Bola Tinubu’s Renewed Hope Agenda for Education.
Alausa emphasised that the S-VCG is more than a funding scheme, describing it as a structured effort to discover high-potential student ideas and build a thriving culture of creativity and enterprise on campuses nationwide.
Up to N50m Equity-Free Funding for Student Innovators
Under the new programme, selected beneficiaries will receive up to N50 million in equity-free seed capital, along with incubation support, expert mentorship, and access to networks, research tools, and startup-building resources.
The initiative is jointly implemented by the Federal Ministry of Education and TETFund, in partnership with the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google.
Alausa said the grant is open to full-time students in federal, state, and private tertiary institutions, starting from Year Three, though younger students may participate as team members.
Promoting research commercialisation and innovation
“The S-VCG is structured to identify exceptional talent, give them a fair opportunity to succeed, and inspire thousands of young Nigerians to believe in their capacity to innovate,” Alausa said.
He added that the programme aims to accelerate research commercialisation, promote intellectual property development, and help students produce scalable, high-impact solutions with global relevance.
Eligible ventures must have a CAC-registered business name and be rooted in STEM and Medical Sciences disciplines.
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Over 17,000 applications received
Providing an update on the application phase, Mr. Adebayo Onigbanjo, National Programme Coordinator of the S-VCG, revealed that the portal has received 17,914 applications from 402 tertiary institutions, including 346 public and 56 private schools.
More than 1,000 applications have been fully submitted so far.
Shortlisted applicants will pitch their ideas before a 12-member expert panel comprising leaders from academia, industry, venture capital, and the public sector. Teams may also be paired with complementary groups to encourage collaboration.
Stakeholders commend the initiative
Former Minister of Power, Prof. Barth Nnaji, who chairs a board that awards a $100,000 annual prize for scientific innovation, praised the programme for strengthening the country’s innovation pipeline.
“This is how students and their mentors can develop impactful inventions that meet global standards while solving local problems,” Nnaji said.
The application portal opened on November 17 and will close on January 23, 2026, after which evaluations will begin immediately.
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