The Federal Government has announced the rollout of a major new funding initiative designed to accelerate student-driven innovation across Nigeria’s tertiary institutions. The programme, known as the Sciences, Technology, Engineering, Mathematics, and Medical Sciences Student Venture Capital Grant (S-VCG), will provide grants of up to ₦50 million to eligible undergraduates without requiring them to give up equity in their ideas or startups.
The initiative was formally introduced by the Minister of Education, Dr. Tunji Alausa, during the inauguration of the Research and Innovation Commercialisation Committee in Abuja. The minister explained that the grant is specifically aimed at full-time university students from 300 level and above who are pursuing degrees in STEMM fields and possess innovative concepts or early-stage projects with high growth potential.
To ensure effective implementation, the programme is being delivered through a collaboration between the Tertiary Education Trust Fund and the Bank of Industry. Both institutions will oversee financial administration, accountability, and monitoring to ensure the funds achieve measurable results. Beyond financial support, beneficiaries will also receive structured mentoring, incubation opportunities, and business development guidance to help refine their ideas and prepare them for real-world markets.
Government officials described the new grant as a strategic investment in Nigeria’s future workforce and a catalyst for homegrown technological advancement. According to the Ministry of Education, the S-VCG initiative aims to serve as a launch platform for young innovators capable of creating sustainable enterprises, stimulating job creation, and contributing to the nation’s long-term economic transformation.
The unveiling of the programme received strong endorsement from education leaders, industry stakeholders, student representatives, and development partners. Participants at the launch noted that the grant could significantly reduce barriers faced by young entrepreneurs and help address long-standing challenges around research funding and commercialization in Nigerian universities.
The initiative is also aligned with the Federal Government’s commitment to developing a knowledge-driven economy, as outlined in the national development agenda. Officials emphasized that encouraging students to move their ideas beyond the classroom and into the innovation ecosystem is essential to boosting national competitiveness.
Oversight of the programme will be coordinated by the Research and Innovation Commercialisation Committee, chaired by Dr. Tayo Aduloju of the Nigerian Economic Summit Group. The committee is expected to strengthen the relationship between academic institutions and industry players to ensure research outputs translate into practical solutions.
The Ministry of State for Education, Prof. Suwaiba Sa’id Ahmad, commended the new grant as a timely intervention that will further empower students to develop problem-solving ideas within university environments.
Application procedures will be conducted online, and shortlisted candidates are expected to participate in regional pitch sessions where expert panels will evaluate the viability of their concepts. Final selections will be based on innovation, scalability, and potential socioeconomic impact.
The Federal Government has encouraged eligible students to prepare their proposals as the application phase begins.
