The Federal Government (FG) officially launched the ₦50 million Student Venture Capital Grant (S-VCG) on Monday in Abuja, an initiative designed to encourage innovation, research excellence, and entrepreneurship across Nigeria’s tertiary institutions. Dr. Tunji Alausa, the Minister of Education, emphasized that the program 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; it is intended to identify high-potential ideas from students and foster a lasting culture of creativity and enterprise within Nigerian campuses, ultimately aiming to ignite a new culture of confidence and showcase Nigeria’s ingenuity to the world.
Beneficiaries of the S-VCG are set to receive up to ₦50 million in equity-free seed funding, accompanied by a comprehensive support package that includes intensive incubation, expert mentorship, and access to valuable networks and startup-building resources to help them build viable and scalable ventures. The initiative is a collaborative effort involving the Federal Ministry of Education, TETFund, the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google. The program is open to full-time students in federal, state, and private tertiary institutions from their third year onward, though younger students are allowed to participate as team members. Eligible ventures must have a registered business name with the Corporate Affairs Commission (CAC) and must focus on the crucial fields of Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM).
Mr. Adebayo Onigbanjo, the National Programme Coordinator for the Special Programme Unit of S-VCG, explained that the initiative was conceived to drive student-led innovation and bridge the investment gaps that often deter venture capitalists from funding early-stage university ideas. The high level of interest has already been confirmed, with the program recording 17,914 applications from 402 schools, including 346 public and 56 private institutions, with over 1,000 full submissions already received. All applications will undergo a rigorous evaluation process, where shortlisted teams will pitch their ideas before a 12-member expert panel drawn from academia, industry, venture capital, and government. Participants will receive constructive feedback and may be paired with complementary teams to foster collaboration. While not every idea will evolve into a full-fledged startup, the Minister noted that some could lead to patents or licensable technologies with significant global impact, thereby accelerating research commercialization. Former Minister of Power, Prof. Barth Nnaji, commended the program for its focus on enabling students and their mentors to develop impactful inventions that address local problems while meeting global needs. The News Agency of Nigeria reports that the application portal, which opened on November 17, is scheduled to close on January 23, 2026, with the evaluation process commencing immediately afterward.
