The Federal Government has unveiled the Student Venture Capital Grant (S-VCG), awarding ₦50 million each to 45 outstanding students selected from 65 finalists across Nigeria’s tertiary institutions. The initiative is designed to promote innovation, entrepreneurship, and economic growth among young Nigerians.
Speaking at the launch event held at the United Nations Development Programme Innovation Hub in Ikoyi, the Minister of Education, Tunji Alausa, described the programme as a bold step toward positioning Nigerian youth as drivers of global innovation.
Alausa explained that the S-VCG provides equity-free funding, mentorship, incubation support, and access to digital tools. He noted that the initiative represents a shift in education policy, focusing on practical innovation and enterprise development rather than traditional academic certification alone.
According to him, the programme aims to transform student ideas into viable businesses capable of addressing real-world challenges in sectors such as agriculture, healthcare, logistics, and financial technology.
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Over 30,000 Applicants Compete for Innovation Funding
The minister revealed that more than 30,000 students from over 400 tertiary institutions applied for the programme, highlighting strong interest in entrepreneurship across the country. The final beneficiaries emerged after a rigorous selection process, including a three-day bootcamp and pitch sessions before industry experts.
He emphasised that the goal is to reposition universities as hubs of innovation, research commercialisation, and economic development. “Graduates should become job creators rather than job seekers,” he said.
Stakeholders Back Innovation-Driven Education
Also speaking, Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a critical national strategy for job creation and sustainable development. She urged institutions to go beyond theory and empower students to translate ideas into practical solutions.
Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, commended the initiative, stressing the importance of building sustainable businesses rather than focusing solely on competitions.
Elsie Attafuah also reaffirmed the UN’s commitment to supporting innovation in Nigeria, encouraging beneficiaries to refine their ideas and scale impactful solutions.
The S-VCG is supported by partners including Google and the Bank of Industry, reinforcing a collaborative effort to nurture the next generation of entrepreneurs.