The Federal Government has awarded ₦50 million each to 45 outstanding student innovators selected from tertiary institutions across Nigeria under the Student Venture Capital Grant (S-VCG) initiative.
The Minister of Education, Tunji Alausa, announced the development on Sunday during the unveiling of the programme at the United Nations Development Programme Innovation Hub in Lagos.
He described the initiative as a strategic move to position Nigerian youths at the forefront of global innovation, stressing that the programme goes beyond financial support.
“This is a bold declaration that the next wave of global innovation will be driven by Nigerian youth. We are not just funding ideas; we are building the future,” Alausa said.
According to him, the grant offers equity-free funding alongside mentorship, incubation support, and access to digital tools to help students transform their ideas into viable businesses.
Alausa noted that the beneficiaries emerged after a rigorous selection process that saw over 30,000 applications from more than 400 tertiary institutions nationwide.
The finalists also participated in a three-day intensive boot camp where they pitched their ideas before industry experts.
“The programme is designed to identify, nurture, and fund student-led startups capable of addressing real challenges in sectors such as agriculture, healthcare, logistics, and fintech,” he explained.
He added that the initiative reflects the Federal Government’s commitment under the administration of Bola Tinubu to promote innovation-driven development and economic growth.
“We want our graduates to move from job seekers to job creators, driving sustainable growth and national development,” he said.
The minister further emphasised the need for universities to evolve into centres of innovation and entrepreneurship rather than mere institutions for academic certification.
Also speaking, the Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as vital to national development.
“Student entrepreneurship bridges the gap between knowledge and action. It equips young people with the skills to solve real-life problems and contribute meaningfully to the economy,” she said.
Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, commended the initiative, noting that it signals a shift from theoretical learning to practical innovation.
“Focus on building sustainable solutions. Small, consistent efforts will compound into meaningful impact and long-term value,” he advised the beneficiaries.
In her goodwill message, the UNDP Resident Representative, Elsie Attafuah, reaffirmed the organisation’s support for youth-driven innovation in Nigeria.
“What lies ahead is a demanding phase that requires refining ideas, engaging the market, and scaling impact. You have the responsibility to create solutions that truly matter,” she said.
The Federal Government said the initiative is part of broader efforts to transform Nigeria’s education system into a driver of innovation, entrepreneurship, and sustainable economic development.
