The Federal Government has officially opened the application portal for the Student Venture Capital Grant (S-VCG), a groundbreaking national initiative aimed at transforming student-driven ideas into commercially viable, high-impact ventures.
Minister of Education, Dr Tunji Alausa, in a statement on Monday in Abuja, revealed that the scheme offers up to ₦50 million in equity-free grants to student founders with innovations in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM) fields.
The statement signed by the Director, Press & Public Relations of the ministry, Mrs Boriowo Folasade, further disclosed that successful applicants would also be absorbed into a comprehensive support ecosystem that includes: Intensive incubation programmes, expert mentorship from seasoned entrepreneurs and industry leaders, as well as full access to tools, platforms and resources required to develop and scale their startups
The statement quoted the minister as saying, “The S-VCG forms a central pillar of the Renewed Hope Agenda and is designed to cultivate a new generation of Nigerian innovation entrepreneurs capable of redefining the nation’s economic future.
“The President has challenged us to look for the next Moonshot within our tertiary institutions. We are not just looking for projects; we are scouting for future Nigerian Unicorns whose roots will be planted right here in our universities and colleges. This is an equity-free seed investment in Nigeria’s future.
“At the heart of the S-VCG is the mandate to ignite and support student-driven innovation by funding ventures that address real-world challenges with clear potential for scale and commercialisation.
“This strategic structure ensures that funded ventures are not only launched but are supported to successfully transition into market-ready enterprises.”
Alausa added that the industry was partnering with Google to integrate advanced technology into the S-VCG application and evaluation process, with the aim of positioning Nigerian students at the forefront of global innovation.
“Through this partnership, Google’s Gemini AI powers custom-built evaluation agents embedded directly into the application portal to ensure fair, intelligent, and efficient review of submissions.
“Additionally, every applicant who successfully submits a business project or innovation will receive a one-year free Google Gemini Pro license, along with premium learning resources aimed at strengthening their entrepreneurial and technical capabilities.”
According to the Minister, one of the key objectives of the partnership was to ensure that “our students begin their entrepreneurial journey with the very best tools available globally. We are building a powerful innovation funnel—from idea to market domination.”
Alausa encouraged all eligible Nigerian students enrolled in accredited tertiary institutions to apply for what he described as an “unprecedented opportunity” at even as he advised applicants to submit proposals that demonstrate scalability, market relevance, and potential to solve critical national or global challenges.
