Forty-five outstanding students from tertiary institutions across Nigeria have each received ₦50 million in funding under the Federal Government’s Student Venture Capital Grant (S-VCG), a programme designed to support innovation and entrepreneurship.
Minister of Education, Dr. Tunji Alausa, unveiled the initiative on Sunday at the UNDP Innovation Hub in Ikoyi, describing it as a clear signal that Nigerian youths are central to the future of global innovation.
He explained that the programme marks a shift in education policy by promoting innovation among students, offering not only funding but also mentorship, incubation support, and access to digital tools.
Alausa noted that the initiative aligns with the administration’s focus on innovation, adding that beneficiaries are expected to transform their ideas into viable businesses that create jobs and contribute to economic growth.
According to him, the programme, managed by the Federal Ministry of Education, targets student-led startups capable of addressing real-life challenges in sectors such as agriculture, healthcare, logistics, and financial technology.
He added that the selected participants emerged from a pool of over 30,000 applicants across more than 400 institutions nationwide, following a rigorous bootcamp and pitching process before industry experts.
The minister said the goal is to reposition tertiary institutions as centres of innovation and entrepreneurship rather than mere certification bodies, thereby driving sustainable national development.
He described the initiative as a strategic effort to unlock students’ creative potential and encourage them to become job creators.
Alausa also acknowledged the support of partners including UNDP, Google, and the Bank of Industry, noting that their involvement has strengthened the programme’s implementation.
He urged students to take full advantage of the opportunity, emphasising that many successful global companies began as ideas within academic environments.
He further stressed the need for universities to embrace research commercialisation and technology transfer as tools for national development.
Minister of State for Education, Prof. Suwaiba Ahmad, described student entrepreneurship as vital for job creation and economic growth, adding that the programme marks the beginning of a new journey for participants.
She encouraged institutions to go beyond theoretical teaching by helping students turn ideas into practical solutions.
Also speaking, Minister of Communications and Digital Economy, Dr. Bosun Tijani, praised the initiative for promoting practical learning and innovation, urging students to focus on building sustainable and impactful ventures.
He advised them to prioritise consistency and long-term value creation rather than short-term gains from competitions.
In her remarks, UNDP Resident Representative, Ms. Elsie Attafuah, reaffirmed the organisation’s commitment to supporting young innovators and strengthening Nigeria’s innovation ecosystem.
She encouraged beneficiaries to refine their ideas, adapt to market needs, and develop solutions that create meaningful impact.
The programme underscores the government’s broader effort to harness youth potential for national transformation, with a strong emphasis on innovation, entrepreneurship, and sustainable development.