FG inaugurates S-VCG and grants 45 tertiary students ₦50 million each

The federal government has granted ₦50 million each to 45 students selected from 65 finalists from public and private tertiary institutions across the country under the Student Venture Capital Grant (S-VCG).

The Minister of Education, Dr. Tunji Alausa, who unveiled the initiative on Sunday at the UNDP Innovation Hub, Ikoyi, said the S-VCG is a bold statement by the FG that the next wave of global innovation will be led by Nigerian youths.

According to Alausa, the program represents a major shift in education policy, aiming to empower innovation-driven Nigerian students nationwide, saying the grant provides equity-free funding, mentorship, incubation and digital tools.

Reaffirming government’s commitment to innovation under the administration of President Bola Tinubu, he said beneficiaries will move from ideation to commercialization, becoming job creators and driving sustainable national economic growth.

“Administered through the Federal Ministry of Education, the S-VCG is designed to identify, nurture and finance student-led startups with the potential to solve real national challenges, from agriculture and healthcare to logistics and fintech.

“Today is not just another program event. Today we are activating a new future and a new vision for Nigerian students. Great ideas should not die in classrooms but be cultivated into impactful solutions for our society,” he added.

He explained that the beneficiaries, who completed a rigorous three-day bootcamp and showcased their innovations before industry experts, were from institutions nationwide, selected from over 30,000 applicants across the country.

Alausa said the idea was to transform tertiary institutions from certification centers into national-level innovation, entrepreneurship and economic development hubs across Nigeria for sustainable growth outcomes and impact.

He described the initiative as a transformative student program that unlocks innovative potential and positions students as job creators across the nation, with a focus on entrepreneurship and innovation growth agenda.

“The program has attracted over 30,000 applications from more than 400 tertiary institutions nationwide, showing strong interest among students in Nigeria’s higher education system,

“Graduates will become job creators rather than job seekers,” he said.

This could leverage young Nigerians for economic transformation through innovation, entrepreneurship and skill development across sectors nationwide.

Alausa further revealed that the program was designed as a national intervention to support the incubation of student ideas into products and services, with real impact for sustainable innovation and economic development goals to be achieved.

He recognized partners UNDP, Google and Bank of Industry for supporting the initiative which has strengthened implementation and significantly expanded opportunities for student innovators across Nigeria and beyond.

The minister urged students nationwide to take advantage of this opportunity, noting that successful businesses often began as academic ideas that later evolved into global businesses with innovation support and access to finance.

Alausa further said that universities must go beyond teaching to become innovation centers that drive national development through research commercialization and technology transfer for economic prosperity and social progress.

“There is no productive, progressive and prosperous nation without universities generating ideas and innovation for social progress, especially through strong academic and research systems recognized globally,” he said.

He encouraged students to create businesses that created social value and ensured sustainability through impactful solutions that addressed real-world challenges across all sectors and promoted inclusive economic development nationwide.

It also encouraged young innovators to support others when they succeed, promoting inclusive innovation for national development and ensuring knowledge sharing and collaborative ecosystem growth across institutions and sectors.

In her remarks, Professor Suwaiba Ahmad, Minister of Education, described student entrepreneurship as a key national strategy for job creation, innovation and economic growth, supporting sustainable development and youth empowerment across Nigeria in key sectors.

Ahmad said the bootcamp marked the end of an intensive program and the beginning of a new chapter for innovators with global creativity, resilience and problem-solving skills.

He stressed that academic knowledge alone is insufficient, urging institutions to enable students to translate ideas into businesses and drive innovation for national development outcomes across all sectors effectively.

“Student entrepreneurship represents a powerful intersection between knowledge and action.

“Moving education beyond theory to entrepreneurial initiatives aimed at solving real-life problems within tertiary institutions is essential to transforming students,” he said.

According to her, more and more students are innovating and building businesses while still in school, a trend necessary for competitiveness in a changing economy and national development.

“Student-led businesses could foster job creation, promote innovation and support economic diversification in agriculture, technology, healthcare and creative industries across Nigeria with long-term national benefits for developmental growth,” Ahmad added.

Likewise, Dr Bosun Tijani, Minister of Communications and Digital Economy, commended the Federal Ministry of Education for promoting entrepreneurship and innovation in tertiary institutions.

He described it as a shift from theoretical learning to practical approaches to solving real-world problems in education.

Tijani urged students to focus on building sustainable solutions rather than chasing award-winning opportunities, cautioning against becoming entrepreneurs with annual prizes interested more in competitions than in profitable and impactful activities over time.

“Believe in the principle of compounding.

“Do small things consistently; they accumulate and become significant outcomes, creating value, driving innovation and building sustainable, inclusive impact for society and future generations,” he added.

Ms. Elsie Attafuah, Resident Representative of the United Nations Development Program (UNDP), gave a message of goodwill.

He said that, together with the United Nations, they have made a deliberate choice to remain a strong partner, working with the Nigerian government, institutions and young innovators to promote a system that delivers results and skills.

Attafuah, who expressed satisfaction with the initiative, said the government had made an excellent choice by investing in the talents, ideas and future of the beneficiaries,

He advised students to see themselves as part of the growth of the national ecosystem.

“What awaits us is not the end of the journey, but the beginning of a much more demanding faith.

“An approach that requires you to refine your ideas, interact with the market, respond to feedback and continually adapt to the scale of impact.

“You have a responsibility to build solutions that matter, to create value where it is needed most, and to contribute meaningfully to the transformation of this great nation,” he added.

(NAN)UK increases visa fees, tightens immigration rules for migrants and students

Related