Tunji Alausa, the minister of education, has urged Nigeria’s emerging innovators to maximise the Students Venture Capital Grant initiative, a funding platform that seeks to turn student-led ideas into viable startup ventures.
Alausa made the call while speaking at the unveiling of the students’ venture capital grant initiative, when he urged the young innovators to take advantage of the initiative and apply immediately.
“To all eligible students across our universities, polytechnics and Colleges of Education, I urge you to begin your application immediately; the competition is intense.
“This could be the start of your journey to becoming the next Jobber man. Please, seize on this opportunity; the world is your market,” he said.
The minister further reiterated that the administration of President Bola Tinubu is committed to equipping Nigerian students with skills and opportunities to shape the future of the country and the world as a whole.
However, he emphasised that the grant is not for research, but for students to scale up and commercialise what they have invented and/or innovated.
The launch of the student venture grant marks a significant step in strengthening Nigeria’s youth entrepreneurship landscape.
For many young Nigerians, the journey from a bright idea to a functional business is often blocked by one major hurdle: funding. The student venture grant seeks to change that narrative.
The federal government unveiled the application portal for the student venture grant offering equity-free grants of up to N50m to support student-led innovations.
This is coming at a time when young innovators are eager to transform ideas into viable businesses. The grant offers both financial backing and a pathway to skills development.
Many believe that its impact has the potential to reshape how students approach enterprise creation, ultimately fueling broader economic growth.
Hence, they say, it is a window of opportunities to students who have the drive to venture into startups but lack the financial strength to realise their dreams.
Alausa highlighted the initiative’s role in the government’s innovation drive.
“The President has challenged us to look for the next moonshot within our tertiary institutions.
“We are not just looking for projects; we are scouting for future Nigerian unicorns whose roots will be planted right here in our universities and colleges. This is an equity-free seed investment in Nigeria’s future,” he said.
The federal government emphasised that the opened portal for the Student Venture Capital Grant (S-VCG), is a programme designed to support student-led ventures with equity-free grants of up to N50 million in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM) fields.
The initiative was announced in a statement by Boriowo Folasade, director of press and public relations at the Federal Ministry of Education.
The S-VCG, also known as the STEMM Up Grant, was first announced in July and officially launched on August 2. It forms part of the government’s Renewed Hope Agenda, aimed at nurturing student innovations into commercially viable, high-impact ventures.
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The grant specifically targets full-time undergraduate students in 300-level and above across accredited Nigerian tertiary institutions. Successful applicants will also receive mentorship, incubation support, and business development services to scale their ventures and tackle real-world challenges.
The programme is being implemented in partnership with the Bank of Industry to ensure transparency, accountability, and measurable outcomes.
Applicants will benefit from automated evaluations powered by Google’s Gemini AI and receive a free one-year Gemini Pro licence along with premium learning resources.
Jibola Ogunjobi, a 200-level student of Geology at the University of Ibadan, describes the initiative because, according to him, it will serve as wings for the entrepreneurship-minded students to fly.
“The initiative is timely and ideal, and will certainly bridge the gap in Nigeria’s tertiary education, as it concerns strategic and structured funding for student innovation.
“This is a commendable step taken by the federal government to empower young Nigerians to launch SMEs, and thrive globally without constraints,” he said.
Friday Erhabor, director of media and strategies at Marklenez Limited, describes the initiative as noble and timely.
“Anything that will reduce the financial burden of students, be it a grant or a loan, is welcome. With this kind of support, young Nigerians can feel they can invest their creative ideas to proffer solutions to the country’s economic challenges.
“There is so much hunger in the land and hardship in Nigeria, and people need such support, hence, the federal government has done well by introducing this initiative,” he said.
However, he warned that the authorities concerned should ensure that the money does not end up in the pockets of the fund manager.
