The Federal Government has shortlisted 65 student innovators for the final stage of the Student Venture Capital Grant (S-VCG) where each beneficiary would receive ₦50 million in equity-free funding to support student-led ventures that have reached the commercialisation stage.
Director, Press and Public Relations, Federal Ministry of Education, Boriowo Folasade in a statement on Monday said the 65 students were shortlisted from 30,639 applicants across 404 tertiary institutions nationwide.
Boriowo said the milestone highlighted the depth of innovation, creativity and entrepreneurial potential within Nigeria’s university ecosystem, with students developing scalable solutions across sectors critical to national development.
Announcing the development, the Minister of Education, Dr. Maruf Alausa described the initiative as a strategic investment in Nigeria’s next generation of innovators and job creators, noting that the outcome reflects the growing creativity and entrepreneurial capacity of Nigerian students.
“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale. Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth,” he said.
The Student Venture Capital Grant, launched in December 2025 in partnership with the Bank of Industry (BOI), provides up to ₦50 million in equity-free funding to support student-led ventures that have reached the commercialisation stage. The initiative is designed to enable student entrepreneurs to scale innovative solutions, stimulate job creation and contribute to innovation-driven economic growth.
The selection of the 65 finalists followed a transparent and rigorous multi-stage evaluation process. Applications first underwent AI-enabled screening to assess eligibility, completeness and alignment with programme objectives, followed by independent human validation to ensure accuracy and fairness.
Shortlisted ventures were subsequently reviewed by an evaluation committee comprising representatives from government, industry, academia and the investment ecosystem, using structured criteria focused on scalability, feasibility, founder capability and impact potential.
As the programme enters its final stage, the selected innovators will participate in an intensive venture development bootcamp from 26 to 29 March 2026, featuring pitch sessions, venture development workshops, live venture evaluations and investor-style feedback to strengthen each venture’s readiness for growth and investment.
Final grant decisions will be based on application scores, bootcamp performance and the deliberations of the evaluation committee.
The programme will culminate in the Student Venture Capital Grant Beneficiary Awards Day, scheduled for Sunday, 29 March 2026, from 2:00 PM to 4:00 PM, where recipients of the ₦50 million venture funding will be formally announced.
This milestone reinforces the Federal Ministry of Education’s commitment to promoting innovation, supporting student entrepreneurship and building a pipeline of scalable ventures capable of driving Nigeria’s economic transformation.
