The Federal Government has unveiled a N50 million Student Venture Capital Grant (S-VCG), aimed at promoting innovation, research excellence, and entrepreneurship across Nigeria’s tertiary institutions.
Beneficiaries would receive up to N50 million in equity-free seed funding, alongside intensive incubation, expert mentorship, and access to networks and critical startup-building tools.
Speaking at the unveiling on Monday in Abuja, Minister of Education, Dr Tunji Alausa, said the S-VCG represents a strategic national investment in young innovators, adding that it
was more than a grant scheme designed to identify high-potential ideas from campuses and nurture a culture of creativity and enterprise among students.
The initiative is jointly 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.
According to the minister, the programme was open to full-time students in federal, state, and private tertiary institutions from Year 3 and above, with younger students allowed as team members.
He said: “The S-VCG is structured to identify exceptional talent, give them a fair and credible opportunity to succeed, and inspire thousands of others to believe in their capacity to innovate.
“We know that many successful founders did not thrive on their first attempt. But their journey began with a spark. This programme exists to light that spark, build a new culture of confidence, and showcase to the world the depth of Nigerian ingenuity.
“Beneficiaries of the S-VCG will receive a comprehensive support package tailored to increase their chances of building viable and scalable ventures.”
Alausa added that eligible ventures must have a CAC-registered business name and be rooted in the Science, Technology, Engineering, Mathematics, and Medical Sciences fields.
He said every application would undergo thorough evaluation, with shortlisted teams pitching before a 12-member expert panel drawn from academia, industry, venture capital, and government.
Participants would receive feedback and may be paired with complementary teams to encourage collaboration and shared innovation.
He stressed that the S-VCG is expected to accelerate research commercialisation, support intellectual property development, and position students to produce high-impact solutions with global relevance.
“Not every idea will become a startup, but some will evolve into patents and licensable technologies capable of significant impact,” he said.
National Programme Coordinator, Special Programme Unit of S-VCG, Mr Adebayo Onigbanjo, said the programme is designed to ignite student-driven innovation and close the investment gaps that have made venture capitalists hesitant to invest in early-stage university ideas.
He said the portal had received 17,914 applications from 402 schools, comprising 346 public and 56 private institutions, noting that over 1,000 applications had actually been submitted.
Also, the former Minister of Power, Prof. Barth Nnaji, whose board awards a $100,000 prize annually for groundbreaking scientific innovation, commended the initiative, noting its alignment with efforts to deepen scientific research and innovation in the country.
“This is how students and their mentors can develop impactful inventions that serve global needs but solve local problems,” he said.
