The Federal Government has awarded ₦50 million each to 45 outstanding student innovators selected from a pool of 65 finalists drawn from tertiary institutions across Nigeria.
The grants were presented under the Student Venture Capital Grant (S-VCG), an initiative aimed at supporting student-led startups with high potential for real-world impact.
Speaking at the unveiling ceremony held at the UNDP Innovation Hub in Ikoyi, Lagos, on Sunday, the Minister of Education, Tunji Alausa, described the programme as a bold step toward positioning Nigerian youth at the forefront of global innovation.
According to him, the initiative marks a significant shift in education policy, focusing on empowering students through innovation, entrepreneurship, and practical problem-solving.
Alausa noted that the grant package goes beyond funding, offering beneficiaries equity-free capital, mentorship, incubation support, and access to digital tools to help transform their ideas into viable businesses.
“This programme is designed to ensure that great ideas do not end in classrooms but evolve into impactful solutions that address real societal challenges,” he said.
He added that the beneficiaries emerged after a rigorous selection process, which included a three-day boot camp and pitch sessions before industry experts. Over 30,000 applications were received from more than 400 tertiary institutions nationwide.
The minister emphasised that the initiative aligns with the Federal Government’s broader goal of transforming higher institutions into hubs of innovation and economic development.
“Graduates must become job creators rather than job seekers,” he stated.
Also speaking, the Minister of State for Education, Prof. Suwaiba Ahmad, described student entrepreneurship as a vital strategy for national development, noting that it bridges the gap between academic knowledge and practical application.
She said the programme equips students with the skills needed to thrive in a rapidly evolving economy.
In his remarks, the Minister of Communications and Digital Economy, Dr Bosun Tijani, commended the initiative, describing it as a move away from theoretical learning toward practical, solution-driven education.
He urged beneficiaries to focus on building sustainable ventures and long-term value rather than short-term rewards.
“Consistency and commitment to small efforts can lead to meaningful impact over time,” he said.
Meanwhile, the Resident Representative of the United Nations Development Programme (UNDP), Elsie Attafuah, reaffirmed the organisation’s support for Nigeria’s innovation ecosystem.
She encouraged the beneficiaries to see the grant as the beginning of a journey that requires continuous refinement, adaptability, and engagement with market realities.
The S-VCG programme is supported by key partners, including UNDP, Google, and the Bank of Industry, all working to expand opportunities for young Nigerian innovators and drive sustainable economic growth.
Margaret ABAH
