The Federal Government has introduced a N50 million Student Venture Capital Grant (S-VCG) to support creative and entrepreneurial ideas emerging from universities and other higher institutions across the country.
Unveiling the initiative on Monday in Abuja, the Minister of Education, Dr. Tunji Alausa, described the scheme as a major investment in young Nigerians and a key component of President Bola Tinubu’s Renewed Hope Agenda for the education sector.
Alausa explained that the S-VCG is not just another grant programme but a platform designed to spot promising ideas on campuses, nurture innovation, and help students transform their concepts into viable solutions.
According to him, selected students will receive equity-free seed funding of up to N50 million, along with incubation support, mentorship from experts, networking opportunities, and access to essential startup-building resources.
The programme, jointly implemented by the Federal Ministry of Education and TETFund, is in partnership with the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google.
Alausa noted that the scheme is open to full-time students in federal, state, and private tertiary institutions from their third year upward, although younger undergraduates can join teams working on projects.
He emphasized that ventures eligible for the grant must be registered with the Corporate Affairs Commission and must fall within STEM and medical-related fields.
“The S-VCG is designed to give exceptional talent a fair shot at success and inspire a new generation of innovators,” he said. “Not every idea will grow into a startup, but many will evolve into patents, licensable technologies, and impactful solutions.”
Applications will go through a rigorous screening process. Shortlisted candidates will pitch their ideas before a 12-member expert panel drawn from academia, industry, government, and the venture capital ecosystem. Teams may also be paired with others to encourage collaboration and shared problem-solving.
Giving an update on the portal activity, the National Programme Coordinator of the S-VCG, Mr. Adebayo Onigbanjo, revealed that 17,914 applications have already been recorded from 402 schools, including 346 public and 56 private institutions.
Former Minister of Power, Prof. Barth Nnaji, who also oversees a global innovation prize worth $100,000 annually, praised the initiative, saying it aligns with national efforts to strengthen research and scientific discovery.
“This is how students and their mentors can develop inventions that solve local challenges while meeting global standards,” he said.
The application portal opened on November 17 and will close on January 23, 2026, after which evaluation will begin immediately.
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