Nigeria Unveils N50m Student Venture Capital Grant To Boost Innovation
By Alice Etuka, Abuja
The Federal Government of Nigeria on Monday launched a Venture Capital Grant of upto 50 million naira for students in STEMM (Science, Technology, Engineering, Mathematics, and Medical Sciences) disciplines across the nation’s tertiary institutions.
Speaking at the unveiling ceremony in Abuja, the Minister of Education, Dr. Tunji Alausa informed that the programme aims to ignite innovation, institute research excellence, and kick-start a vibrant entrepreneurial culture across tertiary institutions.
“Today, we unveil the Student Venture Capital Grant (S-VCG), a bold step in empowering Nigeria’s emerging generation of innovators. This programme is far more than a grant scheme. It is a purposeful and strategic intervention designed to identify the next big idea—the next moonshot—from our campuses, while institutionalizing a culture of creativity, enterprise, and solution-driven thinking among our students.
“The S-VCG stands as a key pillar of President Bola Tinubu, GCFR’s Renewed Hope Agenda for Education, which places our people—our greatest national asset—at the centre of transforming education and building a competitive, innovation-led economy”, he said.
Dr. Alausa explained that the initiative was a joint undertaking of the Federal Ministry of Education and TETFund, implemented in partnership with high-impact institutions, including the Bank of Industry, Afara Initiative, Entrepreneurships & Skills Development Center, Afrilabs, and Google.
“Through this programme, students will have access to up to ₦50 million in equity-free seed funding to scale promising ventures with the potential to attract attention not only from Nigerian venture capital and private equity firms, but also from global investors”, he stated.
According to the Minister, the S-VCG is structured to identify exceptional talent, give them a fair and credible opportunity to succeed, and inspire thousands of others to believe in their capacity to innovate.
“We know that many successful founders did not thrive on their first attempt. But their journey began with a spark. This programme exists to light that spark, build a new culture of confidence, and showcase to the world the depth of Nigerian ingenuity. Beneficiaries of the S-VCG will receive a comprehensive support package tailored to increase their chances of building viable, scalable ventures”, he said.
He listed support packages for the grant beneficiaries to include: Up to ₦50 million in equity-free seed investment, Intensive incubation programme, Expert mentorship from seasoned entrepreneurs and industry leaders, Access to critical tools, networks, and resources for startup development
Additionally, the Minister announced that the programme was open to Students of Federal, State, and Private tertiary institutions, Full-time students from Year 3 and above (with younger students eligible as team members), Masters and PhD students, Ventures with a CAC-registered business name, Projects rooted in STEMM—Science, Technology, Engineering, Mathematics, and Medical Sciences
He further announced that every business submission would be thoroughly evaluated, and applicants will receive feedback to help refine and strengthen their ideas for subsequent cycles. We also intend to pair teams with complementary ideas, encouraging collaboration, cross-learning, and shared innovation.
Also, applications will be processed through a dedicated digital portal. Short-listed teams will pitch before a 12-member panel comprising representatives of the Research, Innovation & Commercialization Committee, the Bank of Industry, venture capital and private equity professionals, Afara Initiative, Tertiary Institutions Professors and the Federal Ministry of Education.
Dr. Alausa stated that the application portal opened on 17th November and will close on 23rd January 2026, after which the evaluation process will commence immediately.
He announced that almost 16,000 people had visited the portal within 10 days, 1000 applications submitted, over 400 institutions registered, 346 of which were public tertiary institutions while 56 were private tertiary institutions.
“The S-VCG is not just funding; it is a mindset shift. It complements academic learning with the courage to build, experiment, collaborate, and dare big. Through this programme, we expect to see:
A stronger innovation culture, Deeper curiosity and ambition, High-impact solutions for Nigeria and the world. By empowering our students to pursue the next moonshot, we are building a sustainable innovation ecosystem within our tertiary institutions—one that is resilient, competitive, and globally relevant.
“To all eligible students across our universities, polytechnics, and colleges of education, I urge you to:
Begin your applications immediately.
The competition is intense, and only the very best will emerge so bring your A+ game. This could be the start of your journey to becoming the next Jobberman, Moniepoint, Flutterwave, Helium Health, Releaf, or Chowdeck”, he concluded.
Earlier, the Minister of State for Education, Prof. Suwaiba Ahmad said the initiative was long overdue, adding that its introduction would see projects and thesis translate to economic assets for the nation.
In response, The President, National Association of Nigerian Students (NANS), Olushola Oladoja lauded President Bola Tinubu’s goodwill towards Nigerian students with the introduction of the S-VCG, Student loan scheme and uninterrupted academic calendar. He also thanked the Minister of Education and promised to make judicious use of the opportunities provided.
