FG shortlists 65 student innovators for N50m venture capital grant

The Federal Government has shortlisted 65 student innovators from 30,639 applicants for the final stage of the Student Venture Capital Grant (S-VCG).

The Director of Press and Public Relations, Federal Ministry of Education, Folasade Boriowo, made this known via a statement issued on Monday, March 23, 2026.

Boriowo said the applicants were drawn from 404 tertiary institutions across Nigeria, adding that it reflected the innovation and entrepreneurial potential within Nigeria’s university system.

Boriowo quoted the Minister of Education, Dr Tunji Alausa, as describing the initiative as a strategic investment in developing future innovators and job creators.

Alausa said the performance of the shortlisted candidates demonstrated creativity and ambition, adding that the programme would strengthen a pipeline of entrepreneurs to drive economic growth.

The minister said: “The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale.

“Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth.”

Alausa added that the S-VCG, inaugurated in December 2025 in partnership with the Bank of Industry, provided up to N50 million in equity-free funding.

He noted that the grant supports student-led ventures at the commercialisation stage to scale solutions, create jobs, and boost innovation-driven development.

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Alausa revealed that the selection followed a multi-stage evaluation process, including AI-based screening and independent human validation to ensure fairness and accuracy.

The minister also disclosed that shortlisted entries were assessed by a committee comprising representatives from government, academia, industry, and the investment ecosystem.

He listed the evaluation criteria to include scalability, feasibility, founder capability and impact potential.

Alausa further revealed that the finalists would participate in a venture development bootcamp from March 26 to 29, 2026, featuring pitch sessions, workshops, and investor feedback.

According to him, final grant decisions will depend on application scores, bootcamp performance and committee deliberations.

He said the beneficiaries would be announced at an award ceremony scheduled for March 29.

The Star