FG unveils N50m equity-free capital to spur student innovation

The Federal Government has unveiled a N50 million Student Venture Capital Grant (S-VCG), an initiative designed to strengthen innovation, research excellence, and entrepreneurship across Nigeria’s tertiary institutions. Launching the programme in Abuja, the Minister of Education, Dr. Tunji Alausa, described it as “a strategic national investment in young innovators” and a core component of President […]

The Federal Government has unveiled a N50 million Student Venture Capital Grant (S-VCG), an initiative designed to strengthen innovation, research excellence, and entrepreneurship across Nigeria’s tertiary institutions.

Launching the programme in Abuja, the Minister of Education, Dr. Tunji Alausa, described it as “a strategic national investment in young innovators” and a core component of President Bola Tinubu’s Renewed Hope Agenda for Education.

Alausa emphasised that the S-VCG is “more than a grant scheme,” stating that it aims to identify high-potential ideas on campuses and nurture a nationwide culture of creativity and enterprise.

Beneficiaries will receive up to N50 million in equity-free seed funding, along with incubation, expert mentorship, and access to critical startup-building tools. The initiative is 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.

The grant is open to full-time undergraduates from Year 3 and above, as well as master’s and doctoral candidates in federal, state, and private tertiary institutions. Eligible ventures must be CAC-registered and rooted in STEM and medical sciences.

According to Alausa, the scheme is structured to “give exceptional talent a fair and credible opportunity to succeed,” noting that it seeks to build confidence among young innovators and showcase “the depth of Nigerian ingenuity.”

He added that about 250,000 students are targeted for the first cohort, with more than 100,000 already enrolled in training across 1,620 centres nationwide. The programme, he said, will accelerate research commercialisation and support intellectual property development, ensuring that “some ideas will evolve into patents and licensable technologies capable of significant impact.”

Alausa also announced the Tertiary Institution Staff Support Fund (TISSF), which provides interest-free loans of up to N10 million for academic and non-academic staff. “Payments have been made to almost 4,000 people,” he confirmed.

National Programme Coordinator, Mr. Adebayo Onigbanjo, revealed that the S-VCG portal had received 17,914 applications from 402 institutions. Former Power Minister, Prof. Barth Nnaji, commended the initiative, saying it supports inventions that “serve global needs but solve local problems.”

Applications close on January 23, 2026, with evaluations to begin immediately.