NANS Hails FG for Launching N50m Innovation Grant

The National Association of Nigerian Students (NANS) praised the Federal Government on Monday for starting the N50 million Student Venture Capital Grant. They called it an important step to improve Nigeria’s education for innovation, entrepreneurship, and global competition.

On Monday morning, the Federal Government opened the application portal for the S-VCG, offering equity-free grants of up to N50m to support student-led innovations.

This announcement came in a statement from the Federal Ministry of Education, signed by the Director of Press and Public Relations, Folasade Boriowo.

During the launch, Minister of Education Tunji Alausa emphasized the initiative’s role in promoting innovation efforts by the government.

He said, “The President has urged us to look for the next Moonshot within our higher education institutions. We are not just looking for projects; we are searching for future Nigerian unicorns that will be built right in our universities and colleges. This represents an equity-free seed investment in Nigeria’s future.”

The grant targets students developing innovations in science, technology, engineering, mathematics, and medical sciences.

Applicants will undergo automated evaluations powered by Google’s Gemini AI. They will also receive a free one-year Gemini Pro license along with premium educational resources.

The application portal can be accessed at svcg.education.gov.ng, and students from accredited tertiary institutions are encouraged to apply.

Proposals must show scalability, market relevance, and the ability to address significant national or global challenges.

In an interview, NANS Assistant General Secretary, Olajuwon Emmanuel, called the initiative timely and forward-thinking.

He noted that it fills a crucial gap in Nigeria’s tertiary education: the lack of structured financing and support for student innovation.

“By offering up to N50m in equity-free funding, along with mentorship, incubation, and digital tools, the Federal Government has clearly shown its commitment to helping young Nigerians create solutions, start businesses, and compete globally,” he said.

Adejuwon pointed out that modern education needs to go beyond degrees to include skills, creativity, and problem-solving abilities.

He said, “Initiatives like the S-VCG help bridge the gap between classroom education and real-world innovation, allowing students to turn ideas into scalable businesses. This initiative nurtures future inventors, researchers, job creators, and industry leaders. It could also reduce graduate unemployment, promote a culture of innovation in institutions, and drive economic growth through youth-led companies.”

He urged the government to sustain and expand the program, suggesting it should reach beyond STEMM fields to include students with innovative ideas in all areas.

“This will improve inclusivity, increase participation, and ensure the initiative taps into the full range of Nigeria’s creative and entrepreneurial talent,” he said.

The S-VCG aims to transform student-driven ideas into commercially viable, impactful enterprises, aligning with the Renewed Hope Agenda’s focus on empowering youth and diversifying the economy.

Successful applicants will receive strong support, including incubation, mentorship, and access to important tools for developing and growing their startups, fostering a culture of innovation, entrepreneurship, and job creation among Nigerian youth.