Nigeria’s innovation landscape received a major boost as the Federal Government awarded a total of ₦2.2 billion in grants to 45 outstanding student ventures at the 2026 Student Venture Capital Grant (S-VCG) Finalist Bootcamp.
The closing ceremony and awards presentation was held at the UNDP Office in Lagos, southwest Nigeria.
The Director of Press of the Federal Ministry of Education, Boriowo Folasade, in a statement, noted that at the end of an intensive and highly competitive process, the winners emerged from a pool of 65 finalists whose business proposals were rigorously assessed by a 12-member panel of experts.
Read also: Nigeria Shortlists 65 Student Innovators For N50m Venture Grant
Delivering the keynote address, the Minister of Education, Moruf Tunji Alausa, reaffirmed the Federal Government’s commitment to transforming tertiary institutions into hubs of innovation, entrepreneurship, and practical problem-solving.
He described the S-VCG initiative as a key driver of President Bola Ahmed Tinubu’s Renewed Hope Agenda, designed to empower students to translate ideas into impactful ventures.
The Minister noted that beneficiaries of the programme can access up to ₦50 million in equity-free funding, alongside mentorship, incubation support, and cutting-edge digital tools.
He further highlighted the overwhelming national response to the initiative, with over 30,000 applications received from 404 tertiary institutions, underscoring the depth of creativity and innovation among Nigerian youth.
Role of Digital Innovation to National Development
In his remarks, the Minister of Communications and Digital Economy, Bosun Tijani, commended the students for their ingenuity and effective integration of technology into business solutions.
He emphasised the critical role of digital innovation in national development and encouraged participants to continue building scalable, technology-driven solutions to real-world challenges.
Earlier, the Minister of State for Education, Suwaiba Sa’id Ahmad, praised the finalists for their resilience, creativity, and commitment. She noted that initiatives such as the S-VCG are instrumental in fostering a culture of innovation and equipping students with essential problem-solving skills.
Also speaking, the Chairman of the Senate Committee on Tertiary Education and TETFund, Senator Muntare Dandutse, called for sustained investment in youth-driven innovation to strengthen Nigeria’s knowledge economy.
Goodwill messages were delivered by key partners and stakeholders, including Elsie G. Attafuah, the Resident Representative of the United Nations Development Programme (UNDP), who applauded the students’ forward-thinking ideas and encouraged continued contributions to sustainable development. Professor Bart Nnaji also commended the students for their ingenuity and commitment to innovation.
The highlight of the ceremony was the official presentation of grants by the Minister of Education to the 45 winners of the venture capital grant.