…initiative will drive innovation across tertiary institutions — Alausa
By Joseph Erunke, Abuja

The Federal Government has launched the Student Venture Capital Grant (S-VCG), a new initiative designed to stimulate innovation, strengthen research and promote entrepreneurship across Nigeria’s tertiary institutions.

The Minister of Education, Dr Tunji Alausa, unveiled the programme on Monday in Abuja, describing it as a landmark intervention aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda for the education sector.

“The future of Nigeria is not abstract; it is in the minds, conversations, curiosity and dreams of our young people. Our responsibility is to spark, nurture and elevate those dreams,” Alausa said.

Under the S-VCG, eligible students will have access to up to ₦50 million in equity-free seed funding to scale commercially viable and globally competitive ventures.

The programme is being implemented by the Federal Ministry of Education and TETFund, with support from the Bank of Industry, Afara Initiative, Entrepreneurship and Skills Development Centre, Afrilabs and Google.

Alausa described the grant as more than a funding scheme, calling it a strategic national effort to identify and empower the next generation of Nigerian innovators.

Beneficiaries will receive a comprehensive support package, including up to ₦50 million in equity-free funding, intensive incubation, expert mentorship and access to tools, networks and startup development resources.

The programme is open to students of federal, state and private tertiary institutions, including full-time undergraduates from Year 3 and above (with younger students allowed as team members), as well as Master’s and PhD students. Eligible ventures must have CAC-registered business names and focus on STEMM fields — Science, Technology, Engineering, Mathematics and Medical Sciences.

All applications will undergo a rigorous evaluation process, with feedback provided to applicants to help strengthen their proposals. Shortlisted teams will pitch before a 12-member panel comprising experts from the Research, Innovation and Commercialisation Committee, Bank of Industry, venture capital and private equity firms, Afara Initiative, university professors and officials of the Ministry of Education.

The application portal, which opened on 17 November 2025, will close on 23 January 2026.

Alausa said the initiative aims to deepen research commercialisation and intellectual property development across Nigerian campuses, noting that while not every idea will become a startup, many could evolve into patents and licensable technologies.

“This is not just funding; it is a mindset shift. It complements academic learning with the courage to build, experiment, collaborate and dare big,” he said.

He encouraged eligible students to apply promptly, stressing that competition would be intense.

“Only the very best will emerge, so bring your A+ game. This could be the start of your journey to becoming the next Jobberman, Moniepoint, Flutterwave, Helium Health, Releaf or Chowdeck,” he said.

He added that the programme represents a strategic investment in Nigeria’s future innovation ecosystem and urged students to seize the opportunity.