FG Student Venture Capital Grant empowers 45 Nigerian students with ₦50m each to scale innovations into startups across key sectors

The Federal Government of Nigeria has awarded ₦50 million each to 45 students selected from 65 finalists drawn from public and private tertiary institutions across the country under the Student Venture Capital Grant (S-VCG), in Lagos, Nigeria, on Sunday, 30 March 2026.

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The initiative was unveiled by the Minister of Education, Dr Tunji Alausa, at the UNDP Innovation Hub in Ikoyi, where he described the programme as a bold shift in national education policy aimed at transforming students into job creators rather than job seekers.

According to Dr Tunji Alausa, the FG Student Venture Capital Grant is designed to identify, fund and scale student-led startups capable of addressing critical national challenges in sectors such as agriculture, healthcare, logistics and fintech.

He explained that the beneficiaries emerged from a highly competitive process involving over 30,000 applicants from more than 400 tertiary institutions nationwide.

The selected students also completed an intensive three-day bootcamp and pitched their innovations before a panel of industry experts.

Dr Alausa said the programme provides equity-free funding alongside mentorship, incubation support and access to digital tools, describing it as a strategic intervention to unlock youth-driven innovation and economic growth.

He added that the government’s goal is to reposition universities as innovation hubs rather than purely certification centres, stressing that sustainable national development depends on research, creativity and commercialisation of ideas.

“Today is not just another programme event. Today, we are activating a new future and a new vision for Nigerian students,” he said, adding that strong ideas must not remain in classrooms but evolve into impactful solutions.

The FG Student Venture Capital Grant, he noted, represents a broader vision under President Bola Tinubu’s administration to strengthen innovation ecosystems and support youth entrepreneurship across Nigeria.

Minister of State for Education, Prof. Suwaiba Ahmad, also described student entrepreneurship as a critical pillar for job creation and national development, noting that academic knowledge must be complemented with practical enterprise-building skills.

She said the bootcamp marked the beginning of a new phase for the selected innovators, urging them to translate their ideas into viable businesses capable of delivering long-term economic value.

Similarly, the Minister of Communications and Digital Economy, Dr Bosun Tijani, encouraged the beneficiaries to focus on building sustainable solutions rather than short-term competition gains, warning against “prize-per-year entrepreneurship”.

He urged consistency and discipline, stating that small efforts compounded over time could generate meaningful impact and scalable enterprises.

The United Nations Development Programme (UNDP) Resident Representative, Ms Elsie Attafuah, praised the initiative, describing it as a strategic investment in Nigeria’s future and a strong signal of commitment to youth development.

She urged the beneficiaries to refine their ideas, engage markets, respond to feedback and scale impact-driven solutions that address national needs.

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The FG Student Venture Capital Grant is expected to support the transition of student innovations into fully commercialised ventures, contributing to job creation, economic diversification and technological advancement across Nigeria.