…tackles graduate unemployment
The Federal Government, in a move to foster student-led innovation and curb rising graduate unemployment, is set to launch the ₦50 million STEMM Up Grant, a new venture capital initiative aimed at empowering undergraduate students in Nigeria’s tertiary institutions.
Officially known as the Sciences, Technology, Engineering, Mathematics, and Medical Sciences Student Venture Capital Grant (S-VCG), the programme will support young innovators with funding, mentorship, and business development resources to transform their ideas into scalable, job-creating ventures.
The pioneering initiative was formally launched in August by Maruf Tunji Alausa, Minister of Education, targeting full-time undergraduate students in STEMM disciplines, specifically those in their 300 level and above.
The grant will provide startup capital of up to ₦50 million per student-led project. Beneficiaries will also gain access to mentorship, business incubation, and technical support to transform their ideas into viable enterprises.
The initiative is being rolled out in partnership with the Bank of Industry (BOI) to ensure financial transparency, robust monitoring, and impactful implementation.
According to a statement signed by Boriowo Folasade, Director of Press and Public Relations, the announcement was made during a high-level stakeholder engagement session in Abuja. The session brought together Vice Chancellors, Provosts, Rectors, student leaders, academic staff, and development partners to discuss collaborative approaches for nurturing student innovation.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation. We are giving our students the tools to dream, build, and scale solutions that solve real-world problems from tech and medicine to agriculture and green energy,” Alausa said
Suwaiba Sa’id Ahmad, Minister of State for Education, described the programme as a strategic investment in Nigeria’s knowledge economy. “We’re building a stronger, more competitive future by supporting innovation from the ground up,” she noted
She emphasised that the programme was developed following months of consultations with students, faculty, and institutional leaders.
According to her, the launch of the S-VCG aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises inclusive education, youth empowerment, and sustainable economic development.
The Ministry assured stakeholders of an inclusive rollout process and committed to rigorous monitoring and evaluation to ensure measurable and long-lasting impact across Nigeria’s tertiary institutions.
