FG introduces N50m grant to support startup ideas in tertiary institutions

The Federal Government has launched a N50 million Student Venture Capital Grant (S-VCG), a new initiative aimed at strengthening innovation, research, and entrepreneurship among students in Nigerian tertiary institutions.

Speaking at the official unveiling in Abuja on Monday, the Minister of Education, Dr. Tunji Alausa, said the programme is a strategic investment in the country’s young innovators and aligns with President Bola Tinubu’s Renewed Hope Agenda for the education sector.

Alausa described the S-VCG as more than a funding scheme, noting that it was created to identify promising ideas on campuses and foster a culture of creativity and entrepreneurship. Successful applicants will receive up to N50 million in equity-free seed funding, as well as structured incubation support, expert mentorship, and access to essential startup development networks and tools.

The initiative is being implemented by the Federal Ministry of Education and TETFund, in collaboration with the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google.

According to the minister, the programme is open to full-time undergraduates in federal, state, and private tertiary institutions from 300 level and above, although younger students may participate as team members.

“The S-VCG seeks to identify exceptional talent, provide credible platforms for success, and inspire thousands of young Nigerians to pursue innovative ideas,” he said. “Not every idea becomes a startup, but some will lead to patents and licensable technologies with far-reaching impact.”

Eligible ventures must be CAC-registered and rooted in STEM and Medical Sciences fields. All applications will undergo comprehensive evaluation, with shortlisted teams pitching to a 12-member expert panel drawn from academia, industry, venture capital, and the public sector. Participants will also receive feedback and may be paired with other teams to encourage collaboration.

Alausa said the initiative is expected to boost research commercialisation, promote intellectual property development, and empower students to produce globally relevant solutions.

National Programme Coordinator of the S-VCG, Mr. Adebayo Onigbanjo, noted that the portal had received 17,914 applications from 402 institutions—346 public and 56 private. He said over 1,000 applications had been fully submitted so far.

Also speaking at the event, former Minister of Power and chairman of a board that annually awards a $100,000 innovation prize, Prof. Barth Nnaji, commended the initiative, saying it aligns with ongoing efforts to strengthen scientific research and technological innovation in Nigeria.

“This is how students and their mentors can create inventions that meet global standards while addressing local challenges,” he said.

According to the News Agency of Nigeria, the application portal, which opened on November 17, will close on January 23, 2026, after which the evaluation process will begin.