The Federal Government has introduced a N50 million Student Venture Capital Grant (S-VCG) to support innovation, research, and entrepreneurship in universities and other tertiary institutions.

Launching the programme in Abuja, the Minister of Education, Tunji Alausa, said the grant is a national investment in young innovators and aligns with the government’s education goals. He explained that the scheme will help identify strong ideas on campuses and encourage creativity among students.

Under the programme, selected students will receive up to N50 million in equity-free funding, along with incubation support, mentorship, and access to startup networks and tools.

The initiative is being carried out by the Federal Ministry of Education, TETFund, Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google.

The grant is open to full-time students in federal, state, and private tertiary institutions from Year 3 upward, while younger students can participate as part of a team. Eligible ventures must have a CAC-registered business name and be based in STEM or medical fields.

Applications will be screened by a 12-member expert panel, and shortlisted teams will pitch their ideas. Participants will also receive feedback and may be matched with other teams to strengthen their projects.

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The government expects the programme to boost research commercialisation, support intellectual property development, and help students build globally relevant solutions.

Programme Coordinator Adebayo Onigbanjo said the portal has already recorded thousands of entries from hundreds of schools.

Former Power Minister Prof. Barth Nnaji praised the initiative, saying it supports scientific innovation and problem-solving.

Source: Punch