The Federal Government has granted ₦50 million each to 45 students selected from 65 finalists from public and private tertiary institutions across the country under the Student Venture Capital Grant (S-VCG).
The Minister of Education, Dr Tunji Alausa, who unveiled the initiative on Sunday at UNDP innovation Hub, Ikoyi, said the S-VCG was a bold declaration by the FG that the next wave of global innovation would be driven by the Nigerian youth.
According to Alausa, the programme represents a major shift in education policy, aiming at empowering innovation-driven Nigerian students nationwide, saying that the grant provides equity-free funding, mentorship, incubation, and digital tools.
Reaffirming government’s commitment to innovation under President Bola Tinubu’s administration, he expressed that the beneficiaries would move from ideation to commercialisation, becoming job creators and driving sustainable national economic growth.
“Administered through the Federal Ministry of Education, the S-VCG is designed to identify, nurture and fund student-led startups with the potential to solve real national challenges, from agriculture and healthcare to logistics and fintech.
“Today is not just another programme event. Today, we are activating a new future and a new vision for Nigerian students. Great ideas should not die in classrooms but be nurtured into impactful solutions for our society,” he added.
He explained that the beneficiaries, who completed a rigorous three-day bootcamp and pitched their innovations before industry experts, came from institutions nationwide, selected from over 30,000 applicants across the country.
Alausa said the idea was to transform tertiary institutions from certification centres into hubs of innovation, entrepreneurship and economic development nationwide across Nigeria for sustainable growth outcomes and impact.
He described the initiative as a transformative student programme unlocking innovative potential and positioning students as job creators across the nation with emphasis on entrepreneurship and innovation growth agenda.
“The programme attracted over 30,000 applications from more than 400 tertiary institutions nationwide showing strong interest among students across Nigeria’s higher education system,
“Graduates will become job creators rather than job seekers,” he said.
This would harness Nigeria’s youth for economic transformation through innovation, entrepreneurship, and skills development across sectors nationwide.
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Alausa further disclosed that the programme was designed as national intervention supporting incubation of student ideas into products and services, with real-world impact for sustainable innovation and economic development goals to be achieved.
He acknowledged partners UNDP, Google and Bank of Industry for supporting the initiative which strengthened implementation and expanded opportunities for student innovators across Nigeria and beyond significantly.
The minister urged students nationwide to leverage the opportunity, noting that successful companies often began as academic ideas that later evolved into global enterprises with innovation support and funding access.
Alausa also said that universities must move beyond teaching to become innovation hubs driving national development through research commercialisation and technology transfer for economic prosperity and societal advancement.
“There is no nation that is productive, progressive and prosperous without universities generating ideas and innovation for societal progress especially through strong academic and research systems globally recognised,” he said.
He encouraged the students to build businesses that created societal value and ensured sustainability through impactful solutions addressing real-world challenges across sectors and fostering inclusive economic development nationwide.
He also encouraged young innovators to support others as they succeed, promoting inclusive innovation for national development and ensuring knowledge sharing and collaborative ecosystem growth across institutions and sectors.
In her remarks, Prof. Suwaiba Ahmad, Minister of State for Education, described student entrepreneurship as critical national strategy for job creation, innovation and economic growth supporting sustainable development and youth empowerment across Nigeria in key sectors.
Ahmad said the bootcamp marked the end of an intensive programme and the beginning of a new chapter for innovators equipped with creativity, resilience and problem-solving skills globally.
She emphasised that academic knowledge alone was insufficient, urging institutions to empower students to translate ideas into enterprises and drive innovation for national development outcomes across sectors effectively.
“Student entrepreneurship represents a powerful intersection between knowledge and action.
“Moving education beyond theory to real-life problem-solving entrepreneurship initiatives within tertiary institutions are essential to transforming students,” she said.
According to her, more students are innovating and building businesses while still in school, a necessary trend for competitiveness in an evolving economy and national development.
“Student-led enterprises could drive job creation, promote innovation and support economic diversification in agriculture, technology, health and creative industries across Nigeria with long-term national benefits for development growth,” Ahmad added.
Similarly, Dr Bosun Tijani, Minister of Communications and Digital Economy, commended the Federal Ministry of Education for promoting entrepreneurship and innovation in tertiary institutions.
He described it as a shift from theoretical learning to practical, real-world problem-solving approaches in education.
Tijani urged students to focus on building sustainable solutions rather than chasing prize-winning opportunities, warning against becoming prize-per-year entrepreneurs interested more in competitions than viable, impactful businesses over time growth.
“Believe in the principle of compounding.
“Do small things consistently; they accumulate and become meaningful outcomes, creating value, driving innovation, and building inclusive sustainable impact for society and future generations,” he added.
Ms Elsie Attafuah, Resident Representative, United Nations Development Programme (UNDP), gave a goodwill message.
She said that together with the United Nation, they had made a deliberate choice to remain a strong partner, working with the Nigerian government, institutions and the young innovators to move a system that delivered results and skills.
Attafuah who expressed delight in the initiative, said the government had made a great choice by investing in the talents, ideas and future of the beneficiaries,
She advised the students to see themselves as part of the growing of the national ecosystem.
“What lies ahead is not the conclusion of the journey but, the beginning of a far more demanding faith.
“One that requires refining your ideas, engaging with market, responding to feedback and continuously adapting to scale of impact.
“You have the responsibility to build solutions that matter, to create value where it is mostly needed, and to contribute significantly to the transformation to this great nation,” she added. NAN