The federal government has released N2.25 billion to support 45 outstanding student entrepreneurs under the Student Venture Capital Grant (SVCG), a flagship initiative designed to promote innovation and enterprise development in Nigeria’s tertiary institutions.
The beneficiaries, selected from 65 finalists after a competitive screening process involving over 30,000 applicants nationwide, each received up to N50 million in equity-free funding to scale their ideas into viable businesses.
Speaking at the award ceremony held at the UNDP Innovation Hub, the Minister of Education, Tunji Alausa, described the programme as a turning point in Nigeria’s education policy.
According to him, the initiative is aimed at transforming universities from traditional centres of certification into hubs of innovation, entrepreneurship, and economic growth.
“We are activating a new vision for Nigerian students. Our institutions must evolve into centres of enterprise and innovation,” he said.
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Alausa noted that the scheme goes beyond funding, offering structured incubation, mentorship, and access to digital tools to help students convert ideas into scalable ventures.
The programme is supported by key partners, including the United Nations Development Programme (UNDP), Google, and the Bank of Industry, reflecting a collaborative effort to strengthen Nigeria’s innovation ecosystem.
Also speaking, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, stressed that universities must move beyond theoretical teaching to become drivers of national development.
He urged students to focus on building sustainable, impact-driven businesses rather than chasing short-term recognition.
“No nation prospers without a knowledge system that generates ideas and solutions,” Tijani said, encouraging young innovators to embrace gradual growth and long-term value creation.
Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a critical pathway to job creation and economic diversification.
She emphasized that initiatives like the SVCG help students develop essential skills such as creativity, resilience, teamwork, and leadership qualities necessary for success in today’s economy.
The government says the initiative is part of a broader strategy to harness Nigeria’s youthful population by turning graduates into job creators rather than job seekers.
With thousands of applications from over 400 institutions, officials say the programme highlights the depth of innovation potential across the country now being matched with structured support.
As beneficiaries begin to develop their ventures, the SVCG is expected to contribute to job creation, technological advancement, and sustainable economic growth across key sectors including agriculture, health, technology, and the creative industry.
