The Federal Government has awarded ₦50 million each to 45 student innovators selected from 65 finalists drawn from public and private tertiary institutions across the country under the Student Venture Capital Grant (S-VCG) initiative.
The Minister of Education, Tunji Alausa, unveiled the initiative on Sunday at the UNDP Innovation Hub, describing the programme as a bold declaration that Nigerian youths would drive the next wave of global innovation.
Alausa said the S-VCG programme represents a major shift in education policy, aimed at empowering innovation-driven students nationwide through equity-free funding, mentorship, incubation, and access to digital tools.
He said the initiative aligns with the administration of President Bola Ahmed Tinubu, noting that the beneficiaries were expected to transform their ideas into viable businesses that would create jobs and support sustainable economic growth.
According to the minister, the grant programme is designed to identify, nurture, and fund student-led startups capable of addressing national challenges in sectors such as agriculture, healthcare, logistics, and financial technology.
“Today is not just another programme event. We are activating a new future and vision for Nigerian students. Great ideas should not die in classrooms but be nurtured into impactful solutions for society,” he said.
He explained that the 45 beneficiaries emerged after a rigorous selection process involving a three-day boot camp and pitch sessions before industry experts. The finalists were selected from more than 30,000 applicants across over 400 tertiary institutions nationwide.
Alausa said the initiative seeks to transform tertiary institutions into centres of innovation, entrepreneurship, and economic development rather than mere certification centres.
He added that the programme would harness the creative potential of Nigerian youths for economic transformation through innovation, entrepreneurship, and skills development.
The minister also acknowledged key partners supporting the initiative, including the United Nations Development Programme, Google, and the Bank of Industry, noting that their collaboration had expanded opportunities for student innovators.
In her remarks, the Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a critical national strategy for job creation and economic growth.
Ahmad said the boot camp marked the end of an intensive programme and the beginning of a new phase for innovators equipped with creativity, resilience, and problem-solving skills.
“Student entrepreneurship represents a powerful intersection between knowledge and action. Moving education beyond theory to real-life problem-solving initiatives is essential to transforming students,” she said.
Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, commended the Ministry of Education for promoting entrepreneurship in tertiary institutions.
Tijani urged the beneficiaries to focus on building sustainable solutions capable of delivering long-term value rather than merely pursuing prizes.
In a goodwill message, the Resident Representative of the UNDP, Elsie Attafuah, reaffirmed the organisation’s commitment to supporting young innovators and the Federal Government’s efforts to strengthen Nigeria’s innovation ecosystem.
She advised the beneficiaries to continuously refine their ideas, engage with markets, and adapt their solutions to achieve meaningful impact.
The initiative, officials said, marks a significant step toward strengthening Nigeria’s innovation-driven economy by supporting students to convert academic ideas into commercially viable products and services.
