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The Federal Government has disbursed a total of N2.25 billion to 45 student innovators drawn from universities, polytechnics and colleges of education across Nigeria under its Student Venture Capital Grant (SVCG) initiative.
The funding exercise, which took place at the United Nations Development Programme Innovation Hub in Ikoyi, Lagos, follows a competitive selection process that began with over 30,000 applicants from more than 400 tertiary institutions nationwide. The finalists were shortlisted from an initial pool and later emerged after a three-week bootcamp focused on refining their ideas and business models.
Under the scheme, each of the 45 selected beneficiaries is entitled to receive up to N50 million in equity-free funding, allowing them to retain full ownership of their innovations while accessing capital to develop and scale their ventures. The programme also includes structured mentorship, incubation support and access to tools designed to help validate early-stage projects.
Brandspur Politics reports that the initiative is part of a broader government strategy aimed at repositioning Nigeria’s higher institutions as hubs for innovation, entrepreneurship and practical problem-solving rather than purely academic certification centres.
According to the Minister of Education, Tunji Alausa, the programme reflects a deliberate effort by the government to encourage students to apply theoretical knowledge to real-world challenges and develop solutions that can contribute to national development.
He noted that the selected projects largely focus on emerging technologies such as artificial intelligence, with applications targeting key sectors including healthcare, education and public service delivery.
The University of Lagos recorded the highest representation among the winners, with eight students receiving grants of N50 million each, while other beneficiaries came from institutions such as the University of Ilorin, Federal University of Technology Minna, Lagos State University and Bayero University Kano.
Officials of the programme stated that the SVCG initiative is designed not only to provide financial support but also to build a pipeline of young entrepreneurs capable of creating scalable businesses and generating employment opportunities across the country.
Minister of Communications and Digital Economy, Bosun Tijani, encouraged participants to remain resilient in the face of challenges, advising them to continuously refine their ideas and focus on building solutions with long-term impact.
Stakeholders, including representatives from the National Assembly, have also expressed support for initiatives that strengthen the link between academic learning and practical innovation, describing the programme as a step toward improving graduate employability and fostering a culture of entrepreneurship within Nigeria’s education system.
Programme coordinators disclosed that future phases of the initiative could expand significantly, with projections of up to 200,000 applications as the scheme gains wider adoption and visibility across tertiary institutions.
The Student Venture Capital Grant programme forms part of the Federal Government’s broader effort to stimulate innovation, support youth-led enterprises and accelerate the development of a knowledge-driven economy anchored on technology and creativity.
