The Federal Government has awarded ₦50 million each to 45 student-led teams under the Student Venture Capital Grant (S-VCG), a major initiative aimed at turning campus innovations into scalable businesses and boosting Nigeria’s economic growth.
At the award ceremony held at the innovation hub of the United Nations Development Programme, the Minister of Education, Tunji Alausa, described the programme as a transformative move to reposition tertiary institutions as centres of innovation, entrepreneurship, and global problem-solving.
He said the initiative signals a shift from traditional certificate-based education to a system that prioritises innovation and enterprise. According to him, Nigerian institutions must evolve into hubs that nurture ideas, drive business creation, and deliver global solutions.
Alausa explained that the S-VCG is designed to unlock students’ creative potential by supporting ideas developed on campuses and turning them into viable enterprises capable of addressing real-world challenges.
The programme drew more than 30,000 applications from over 400 tertiary institutions nationwide, highlighting the depth of innovation among Nigerian students.
Beyond financial support, beneficiaries will also receive structured incubation, mentorship, and access to advanced digital tools to help scale their ventures.
“This is more than funding; it is a strong vote of confidence in Nigerian students. We are building a generation of job creators, not job seekers,” the minister said.
He added that the initiative aligns with the government’s broader goal of leveraging Nigeria’s youthful population to drive sustainable economic development.
Also speaking, the Minister of State for Education, Suwaiba Sa’id Ahmad, said the programme reflects a firm commitment to embedding entrepreneurship within the education system.
She praised the selected teams for their innovation, resilience, and problem-solving skills, noting that empowering students to turn ideas into businesses is essential for national development.
“It is not enough to acquire academic knowledge. Students must be equipped to create value, generate employment, and solve societal problems,” she said.
Ahmad added that student-led ventures have the potential to grow into large enterprises, contributing significantly to job creation and economic diversification.
In her remarks, the UNDP Resident Representative, Elsie Attafuah, commended the Federal Ministry of Education for the initiative, describing it as a strategic framework that connects education, research, innovation, and investment.
She noted that the programme goes beyond funding by incorporating rigorous selection processes, structured incubation, mentorship, and access to digital tools to ensure long-term sustainability and growth of student-led enterprises.
