FG grants 45 student innovators ₦50m each
The Federal Government has granted ₦50 million each to 45 students selected from 65 finalists from public and private tertiary institutions across the country under the Student Venture Capital Grant.
The Minister of Education, Tunji Alausa, who unveiled the initiative on Sunday at the UNDP Innovation Hub, Ikoyi in Lagos State, said the S-VCG was a bold declaration by the Federal Government that the next wave of global innovation would be driven by Nigerian youth.
According to Alausa, the programme represents a major shift in education policy aimed at empowering innovation-driven Nigerian students nationwide, adding that the grant provides equity-free funding, mentorship, incubation, and digital tools.
Reaffirming the government’s commitment to innovation under President Bola Tinubu’s administration, he said the beneficiaries would move from ideation to commercialisation, becoming job creators and driving sustainable national economic growth.
“Administered through the Federal Ministry of Education, the S-VCG is designed to identify, nurture and fund student-led startups with the potential to solve real national challenges, from agriculture and healthcare to logistics and fintech.
“Today is not just another programme event. Today, we are activating a new future and a new vision for Nigerian students. Great ideas should not die in classrooms but be nurtured into impactful solutions for our society,” he added.
He explained that the beneficiaries, who completed a rigorous three-day boot camp and pitched their innovations before industry experts, were selected from over 30,000 applicants across more than 400 tertiary institutions nationwide.
Alausa said the initiative aims to transform tertiary institutions from certification centres into hubs of innovation, entrepreneurship, and economic development.
“The programme attracted over 30,000 applications from more than 400 tertiary institutions nationwide, showing strong interest among students across Nigeria’s higher education system.
“Graduates will become job creators rather than job seekers,” he said.
He added that the programme would harness Nigeria’s youth for economic transformation through innovation, entrepreneurship, and skills development.
The minister disclosed that the initiative is a national intervention supporting the incubation of student ideas into products and services with real-world impact.
He acknowledged partners, including UNDP, Google, and the Bank of Industry, for supporting the initiative and expanding opportunities for student innovators.
Alausa urged students to leverage the opportunity, noting that successful companies often began as academic ideas that later evolved into global enterprises.
He also said universities must move beyond teaching to become innovation hubs driving national development through research commercialisation and technology transfer.
“There is no nation that is productive, progressive and prosperous without universities generating ideas and innovation for societal progress, especially through strong academic and research systems globally recognised,” he said.
In her remarks, the Minister of State for Education, Prof. Suwaiba Ahmad, described student entrepreneurship as a critical national strategy for job creation, innovation, and economic growth.
Ahmad said the boot camp marked the end of an intensive programme and the beginning of a new chapter for innovators equipped with creativity, resilience, and problem-solving skills.
“Student entrepreneurship represents a powerful intersection between knowledge and action.
“Moving education beyond theory to real-life problem-solving entrepreneurship initiatives within tertiary institutions are essential to transforming students,” she said.
According to her, more students are innovating and building businesses while still in school, a necessary trend for competitiveness in an evolving economy.
Similarly, the Minister of Communications and Digital Economy, Dr Bosun Tijani, commended the Federal Ministry of Education for promoting entrepreneurship and innovation in tertiary institutions.
He described it as a shift from theoretical learning to practical, real-world problem-solving approaches in education.
Tijani urged students to focus on building sustainable solutions rather than chasing prizes.
“Believe in the principle of compounding.
“Do small things consistently; they accumulate and become meaningful outcomes, creating value, driving innovation, and building inclusive, sustainable impact for society and future generations,” he added.
In a goodwill message, Ms Elsie Attafuah, Resident Representative of the United Nations Development Programme (UNDP), said the organisation remained committed to supporting the Nigerian government and young innovators.
Attafuah, who expressed delight in the initiative, said the government had made a strong choice by investing in the talents, ideas, and future of the beneficiaries.
She advised the students to see themselves as part of a growing national innovation ecosystem.
“What lies ahead is not the conclusion of the journey but the beginning of a far more demanding phase.
“One that requires refining your ideas, engaging with the market, responding to feedback, and continuously adapting to scale impact.
“You have the responsibility to build solutions that matter, to create value where it is most needed, and to contribute significantly to the transformation of this great nation,” she added.
