The Nigerian Government has launched the N50 million equity-free Student Venture Capital Grant (S-VCG), aimed at boosting innovation and entrepreneurship across tertiary institutions in Nigeria.
The S-VCG is a N3 billion funding scheme, where each beneficiary students can be granted N50 million.
Minister of Education, Dr Tunji Alausa, unveiled the initiative in Abuja, Nigeria, saying “it is a bold step towards empowering young innovators and building a robust national innovation ecosystem.”
“It is with immense pleasure and a profound sense of responsibility that I stand before you today to launch another landmark initiative that speaks directly to the future of our nation.
“The SVCG was conceived to promote creativity, enterprise, and economic independence among students. 250,000 students are targeted in the first cohort.
This programme aims to ignite innovation, strengthen research excellence, and kick-start a vibrant entrepreneurial culture across tertiary institutions,” he said.
According to the Minister, the scheme is far more than a grant but a strategic intervention designed to identify groundbreaking ideas from Nigerian campuses and drive a culture of innovation-driven problem-solving.
Dr. Alausa said that the initiative aligned with President Bola Tinubu’s Renewed Hope Agenda for Education, which places youth at the forefront of building a competitive, innovation-led economy.
“It is President Bola Tinubu’s commitment to youth development that formed the backbone of the programme.
We have a president, who believes so much in education and in our youth. The President believes you are the heartbeat of this nation, and he will provide all the resources you need not only to excel but to change the world. And that is why we are here today again,’ he said
The Minister said through the scheme eligible students can access up to N50 million in equity-free financing to scale their ventures and beyond funding, beneficiaries will receive incubation support and mentorship from experienced entrepreneurs and industry experts.
Dr. Alausa said that the grant is open to students in federal, state, and private tertiary institutions that are full-time undergraduates in their third year and as well as master’s and PhD candidates.
“In order to qualify, applicants must have registered businesses with the Corporate Affairs Commission (CAC) and projects rooted in STEM and medical sciences,” he said
Dr. Alausa said ongoing applications for the first cohort which opened on the 17 November 2025 will be closed on 23 January 2026 from when evaluation and selection will start by a team of experts, urging students to begin registration.
The Minister said the programme is a collaboration between the Federal Ministry of Education and TETFund, with support from key partners such as the Bank of Industry, Afara Initiative, Centre for Entrepreneurship and Skills Development, AfriLabs, and Google.
Minister of State for Education, Professor Suwaiba Ahmad on her part said the S-VCG is a an opportunity for Nigeria students to transform concepts into high impact results in the areas of health, climate change, industry, innovation among others.
“We are not just giving you money but for it to bear fruits. It is designed to unleash entrepreneurial capabilities on campus. It is an investment in Nigeria’s future emanating from lecture halls and classrooms,” she said.
A former minister of Power, Professor Barth Nnaji said the initiative aligned with efforts to deepen scientific research and innovation in the country that can help solve global and local challenges.
“This is how students and their mentors can develop impactful inventions that not only serve global needs but solve local problems,” he said.
The National Programme Coordinator of S-VCG, Adebayo Onibanjo said the initiative was designed to “ignite student driven innovation and to close investment gaps that made venture capitalists hesitant to invest in early stage University ideas.”
He said the portal has received over 17,914 applications from 402 universities comprising of 346 public and 56 private institutions.
The President of the National Association of Nigerian Students (NANS), Olushola Oladajo commended President Tinubu and the Minister of Education for the initiative.
He said students since the inception of the Tinubu regime have enjoyed the benefits associated with the “Nigeria Education Loan Fund, (NELFUND, the SCVG, uninterrupted academic sessions as ASUU has not going on stretched strikes.”
Olusola Akintonde