FG Launches N3bn Student Venture Capital Grant for Innovation

The Federal Government (FG) has introduced the Student Venture Capital Grant (S-VCG), a ₦3 billion initiative aimed at boosting student-driven innovation and entrepreneurship in tertiary institutions nationwide.

The programme offers equity-free grants of up to ₦50 million to qualified undergraduates, targeting early-stage campus ventures and supporting the development of a new wave of young innovators.

Speaking at the launch in Abuja on Monday, the Minister of Education, Dr. Tunji Alausa, confirmed that the scheme has already generated significant attention. So far, the application portal has recorded 17,914 entries from 402 institutions, which include 346 public and 56 private tertiary institutions. Over 1,000 fully completed applications have already been received.

Alausa explained that the initiative represents a major national investment in student innovators and aligns with President Bola Tinubu’s Renewed Hope agenda for the education sector.

“The S-VCG is designed to identify top talent, give them a credible chance to succeed, and inspire many others to believe in their ability to innovate,” he noted.

He added that although many successful entrepreneurs do not get it right on their first try, this grant aims to ignite creativity, build confidence, and highlight the depth of Nigerian innovation. Beneficiaries will also receive additional support services to improve their chances of building sustainable, high-impact ventures.

To qualify, applicants must have a CAC-registered business and operate within STEM or medical science fields. According to the Minister, the scheme was created to encourage creativity, enterprise, and economic empowerment among students—echoing President Tinubu’s commitment to youth development.

Alausa further stated that the programme is not just a grant but a strategic national intervention built to identify standout ideas from campuses and promote an innovation-driven mindset across tertiary institutions.