The Federal Government of Nigeria has awarded ₦50 million each to 45 outstanding student innovators selected from 65 finalists across public and private tertiary institutions nationwide. This disbursement, totaling ₦2.25 billion under the newly inaugurated Student Venture Capital Grant (S-VCG), marks a significant investment in nurturing homegrown innovation and positioning Nigerian youth as drivers of the next wave of global technological and entrepreneurial breakthroughs.
The grants were formally announced and disbursed on Sunday, March 29, 2026, at the UNDP Innovation Hub in Ikoyi, Lagos, by the Honourable Minister of Education, Dr. Maruf Tunji Alausa. The initiative, launched in December 2025 in partnership with the Bank of Industry (BOI), provides equity-free funding of up to ₦50 million per beneficiary to support student-led ventures that have advanced to the commercialisation stage.
Speaking at the event, Dr. Alausa described the S-VCG as “a bold declaration that the future of innovation belongs to Nigerian youth.” He emphasised that the programme goes beyond funding by offering structured incubation, mentorship, and access to cutting-edge digital tools and AI-enabled systems to help beneficiaries scale their ideas into sustainable businesses without relinquishing ownership.
The 45 awardees emerged from a highly competitive process that attracted 30,639 applications from 404 tertiary institutions across all 37 states and the FCT. The University of Lagos (UNILAG) led with eight awardees, highlighting the strength of innovation ecosystems in Nigerian universities, polytechnics, and colleges of education.
The grants target projects in STEMM fields Science, Technology, Engineering, Mathematics, and Medical Sciences aimed at solving real-world challenges and contributing to national development.
This initiative is part of the Federal Government’s broader strategy to transform tertiary institutions from mere centres of certification into vibrant hubs of innovation and entrepreneurship. Beneficiaries will also receive ongoing support to ensure their ventures create jobs, drive economic growth, and position Nigeria competitively on the global stage.
The portal for the Student Venture Capital Grant remains accessible at svcg.education.gov.ng for future cycles, inviting more student innovators to participate.
The Federal Ministry of Education congratulates all 45 beneficiaries and reaffirms its commitment to empowering young Nigerians with the resources, skills, and opportunities needed to turn bold ideas into impactful realities.