The federal government is set to unveil a financial grant opportunity for student-entrepreneurs as a way to stimulate innovation, entrepreneurship, and economic transformation.

The government said that key beneficiaries are student-entrepreneurs in sciences, technology, engineering, mathematics, and medical sciences related courses.

Minister of Education, Dr. Tunji Alausa, in a statement on Friday signed by the Director, Press and Public of the ministry, Boriowo Folasade explained that the project, also referred to as the “STEMM Up Grant” initiative will be formally unveiled in August in Abuja.

He explained that the project known as Sciences, Technology, Engineering, Mathematics and Medical Sciences Student Venture Capital Grant (S-VCG), is a pioneer initiative designed to empower students in Nigeria’s tertiary institutions to build the next generation of scalable, job-creating ventures.

The Minister challenged key education managers, notably, vice chancellors, provosts, rectors, students’ leaders, academic staff, and development partners to support the project, and also chart a collective course for nurturing student-led innovations.

He said, “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.

“The grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics, and Medical Sciences), specifically those in their 300 level and above. Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services, and business development support.

“The initiative will be implemented in partnership with the Bank of Industry (BOI) to ensure financial transparency, impact measurement, and effective project execution.”

Minister of State for Education, Prof. Suwaiba Sa’id Ahmad described the grant as a strategic investment in Nigeria’s knowledge economy.

“We are building a stronger, more competitive future by supporting innovation from the ground up. This programme’s design was informed by months of consultation with students, faculty, and institutional leaders.

“The launch of S-VCG also aligns with the government’s agenda, which prioritizes inclusive education, youth empowerment, and sustainable economic development.”

She said the STEMM Up Grant is a timely, strategic, and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.

She reaffirmed the Ministry’s commitment to ensuring inclusive rollout and rigorous monitoring to guarantee that the initiative delivers measurable and lasting impact across Nigeria’s higher education institutions.