In a bold move to foster innovation and entrepreneurship among young Nigerians, the Federal Government has announced the launch of the Student Venture Capital Grant (S-VCG), a ₦50 million initiative targeted at students in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEEM).
Set to roll out fully by August 2025, the initiative aims to empower student innovators in public universities and polytechnics across the country with funding, mentorship, and business development support.
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Unveiled during a national stakeholders’ meeting in Abuja, the initiative will be formally launched by the Honourable Minister of Education, Dr. Tunji Alausa. The Ministry’s Director of Press and Public Relations, Folashade Boriowo, emphasized that the initiative is designed to turn academic ideas into viable, market-ready innovations that can generate employment and contribute to national development.
The grant is open to full-time undergraduate students currently in 300 level and above, studying STEEM-related disciplines. Applicants can apply individually or as teams, with each selected project eligible for funding of up to ₦50 million. However, beyond financial support, recipients will be enrolled in a structured program that includes expert mentorship, entrepreneurial training, product incubation, and business scale-up support. This integrated approach is intended to ensure long-term sustainability of the ideas being developed.
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To guarantee transparency and track the impact of each investment, the Ministry of Education will execute the program in partnership with the Bank of Industry (BoI), which will handle fund disbursement, project monitoring, and performance assessment. This collaboration aims to build a credible pipeline of youth-led startups capable of attracting additional private sector investment.
Dr. Alausa, speaking about the strategic significance of the program, described the grant as “a launchpad for bold, young thinkers who are ready to challenge conventional norms and bring disruptive innovation to Nigeria’s economy.” He added that STEEM students, who often have brilliant ideas but limited access to startup capital or mentorship, will now have the platform and resources to move from theory to practice.
Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, also highlighted the inclusive process that led to the development of the grant scheme. According to her, the program reflects input from students, faculty, rectors, vice chancellors, and private sector experts. “This is not just a financial initiative,” she said. “It is a developmental tool that reflects a shared national vision—one where our education system becomes a breeding ground for innovation, not just certificate issuance.”
The S-VCG is also aligned with broader government efforts to reduce graduate unemployment by promoting job creation through entrepreneurship. With youth unemployment rates remaining high, the grant is expected to offer a practical solution that leverages the intellectual capital within Nigeria’s tertiary institutions.
