The Federal Government yesterday disbursed N2.25 billion to 45 students from tertiary institutions across the country under its Student Venture Capital Grant (S-VCG) initiative.
The programme, launched in December last year in Abuja by the Minister of Education, Dr. Tunji Alausa, is designed to support student innovators in STEMM fields with up to N50 million in equity-free seed funding, alongside mentorship and incubation to foster campus-based startups.
The disbursement ceremony, held in Ikoyi, Lagos, featured the presentation of cheques to beneficiaries at the end of a three-week boot camp.
Dignitaries at the event included the Minister of State for Education, Prof. Suwaiba Ahmad; the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani; and the Chairman of the Senate Committee on TETFund, Senator Mohammed Muntari, among others.
The 45 beneficiaries emerged from a pool of 65 finalists who participated in the boot camp. Alausa disclosed that over 30,000 applications were received from students in more than 400 tertiary institutions nationwide.
He described the S-VCG as a transformative initiative of the Federal Ministry of Education aimed at repositioning tertiary institutions as centres of innovation and enterprise.
“Today is not just another programme; we are activating a new future and a new vision for Nigerian students,” he said.
Alausa noted that, for years, tertiary institutions had been seen mainly as centres for certification. However, under President Bola Tinubu’s Renewed Hope Agenda, he said that the narrative is changing.
He urged institutions to evolve into hubs of innovation, engines of enterprise and launchpads for global solutions.
According to him, the initiative reflects the administration’s confidence in the creativity and potential of Nigerian students.
He added that, beyond funding, beneficiaries would receive structured mentorship, incubation support and access to advanced digital tools, including AI-enabled evaluation systems.
Alausa said the programme would strengthen Nigeria’s innovation ecosystem, nurture young entrepreneurs and job creators, and position the country as a hub for deep-tech and innovation-driven growth.
“This is how nations rise, not by consuming ideas, but by creating them,” he said.
Also speaking, Dr. Bosun Tijani commended the Ministry of Education for the initiative and urged beneficiaries to make judicious use of the funds.
Similarly, Senator Mohammed Muntari praised the President’s commitment to youth empowerment, noting that the programme would enable students to develop and commercialise innovative ideas.
