Student venture capital grant targets student innovation with N3bn

The Federal Government has launched the Student Venture Capital Grant (S-VCG), a N3 billion initiative designed to promote student-led innovation and entrepreneurship across Nigeria’s tertiary institutions.

The scheme will provide equity-free grants of up to N50 million to eligible undergraduates aiming to bridge the investment gap for early-stage university ventures and nurture a new generation of innovators.

Tunji Alausa, Minister of Education who unveiled the scheme on Monday in Abuja said that initiative has already attracted strong interest, with the portal recording 17,914 applications from 402 institutions, including 346 public and 56 private tertiary institutions.

Read also: Tertiary institutions must submit data, financial reports annually – Minister

According to him, over 1,000 of these applications have been fully submitted and the programme represents a strategic national investment in young innovators and aligns directly with President Bola Tinubu’s Renewed Hope Agenda for Education.

Alausa described the S-VCG as more than a grant scheme, noting that it is designed to identify high-potential ideas from campuses and nurture a culture of creativity and enterprise among students.

He said beneficiaries would receive up to N50 million in equity-free seed funding, alongside intensive incubation, expert mentorship, and access to networks and critical startup-building tools.

The initiative is jointly implemented by the Federal Ministry of Education and TETFund, in collaboration with the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google.

According to the minister, the programme is open to full-time students in federal, state, and private tertiary institutions from Year 3 and above, with younger students allowed as team members.

“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 and scalable ventures,” he said.

Alausa added that eligible ventures must have a CAC-registered business name and be rooted in Science, Technology, Engineering, Mathematics, and Medical Sciences fields. He also said the SVCG was conceived to promote creativity, enterprise, and economic independence among students, adding that President Bola Tinubu’s commitment to youth development formed the backbone of the programme.

“It is with immense pleasure and a profound sense of responsibility that I stand before you today to launch another landmark initiative that speaks directly to the future of our nation.

“This programme aims to ignite innovation, strengthen research excellence, and kick-start a vibrant entrepreneurial culture across tertiary institutions.”

According to the minister, the scheme is far more than a grant but a strategic intervention designed to identify groundbreaking ideas from Nigerian campuses and drive a culture of innovation-driven problem-solving.

Join BusinessDay whatsapp Channel, to stay up to date