Nigeria’s Federal Government has disbursed ₦2.25 billion to 45 student innovators under the Student Venture Capital Grant (S-VCG), marking a major milestone in its push to promote innovation and entrepreneurship within tertiary institutions.
Each of the 45 beneficiaries drawn from universities, polytechnics and colleges of education across the country received up to ₦50 million in equity-free funding to scale their student-led ventures.
The initiative, spearheaded by the Federal Ministry of Education, is aimed at shifting the focus of higher education from certificate acquisition to innovation, problem-solving and enterprise development.
Speaking at the grand finale of the programme, the Minister of Education, Dr Tunji Alausa, said the initiative reflects a new direction for Nigeria’s education system, where students are being equipped not only to graduate but to create solutions and businesses that drive economic growth.
According to him, the programme combines funding with structured mentorship, incubation support and access to digital tools to help student innovators develop scalable and sustainable ventures.
“This is how nations rise, not by consuming ideas, but by creating them,” he said.
The programme attracted over 30,000 applications from more than 400 tertiary institutions nationwide. Following a rigorous selection process, 65 finalists were shortlisted and taken through a three-week intensive bootcamp that included pitch sessions, venture development workshops and expert evaluations.
From this process, 45 students emerged as final beneficiaries of the ₦2.25 billion venture prize fund.
Also speaking at the event, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, commended the initiative and urged beneficiaries to maximise the opportunity to build impactful and sustainable businesses.
Chairman of the Senate Committee on TETFund, Senator Mohammed Muntari, described the programme as a strategic investment in Nigeria’s youth and a step towards building a knowledge-driven economy.
The Federal Government said the initiative is designed to strengthen Nigeria’s innovation ecosystem, support student entrepreneurship, and position tertiary institutions as hubs for enterprise development.
Organisers also confirmed that the programme will return in October, expanding opportunities for more student innovators across the country.
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