FG grants 45 student innovators ₦50m each.

The Federal Government has awarded ₦50 million each to 45 outstanding students drawn from tertiary institutions across Nigeria under the newly launched Student Venture Capital Grant initiative.

The beneficiaries emerged from a pool of 65 finalists selected from both public and private higher institutions nationwide, following what officials described as a highly competitive and rigorous process.

Speaking during the unveiling of the initiative at the UNDP Innovation Hub in Ikoyi, Lagos, the Minister of Education, Tunji Alausa, described the programme as a major milestone in the country’s effort to reposition education as a driver of innovation, enterprise, and economic growth.

According to him, the Student Venture Capital Grant is more than just a funding scheme. He said it is a bold signal that the Federal Government is committed to building a future where Nigerian students are empowered to transform their ideas into viable businesses and practical solutions capable of addressing real national challenges.

Alausa explained that the programme is designed to provide student entrepreneurs with more than financial support, noting that beneficiaries will also receive mentorship, incubation opportunities, and access to digital tools needed to scale their innovations.

He said the intervention is aimed at helping young Nigerians move beyond the classroom and begin converting academic ideas into market-ready products and services that can create jobs and stimulate economic development.

The minister stressed that the initiative reflects the Federal Government’s broader commitment to youth empowerment and innovation under the administration of President Bola Tinubu. He added that the grant is expected to support student-led startups with the capacity to tackle pressing issues in sectors such as agriculture, healthcare, logistics, financial technology, and other critical areas of the economy.

He noted that many brilliant ideas often remain trapped within academic environments due to a lack of support, funding, and access to the right ecosystem. According to him, the Student Venture Capital Grant was created to ensure that promising ideas do not die in classrooms but are nurtured into impactful ventures that can benefit society.

Alausa disclosed that the programme attracted more than 30,000 applications from students in over 400 tertiary institutions across the country, reflecting the strong interest and entrepreneurial potential among young Nigerians.

He said the 45 eventual beneficiaries were selected after participating in a rigorous three-day boot camp, where they received training and pitched their innovations before a panel of industry experts and stakeholders.

Describing the initiative as a strategic national intervention, the minister said it marks a significant shift in education policy by encouraging institutions of higher learning to evolve from centres of certification into hubs of creativity, enterprise, and innovation.

He added that the long-term vision is to ensure that graduates leave school not only with academic qualifications but also with the capacity to become employers of labour, innovators, and solution providers in an increasingly competitive global economy.

Also speaking at the event, the Minister of State for Education, Professor Suwaiba Ahmad, said student entrepreneurship has become an essential tool for national development, especially in the areas of job creation, innovation, and economic expansion.

She described the boot camp and final selection process as the conclusion of one important phase and the beginning of another for the beneficiaries, who she said now have the opportunity to turn their creativity, resilience, and problem-solving abilities into meaningful enterprises.

According to her, entrepreneurship within tertiary institutions represents a powerful connection between knowledge and action, helping students apply what they learn in practical ways that solve real-life problems.

She noted that more young Nigerians are beginning to innovate and build businesses while still in school, a trend she said is necessary if the country is to remain competitive in a rapidly changing and technology-driven global economy.

In his remarks, the Minister of Communications and Digital Economy, Dr Bosun Tijani, praised the Federal Ministry of Education for promoting innovation and entrepreneurship among students, describing the initiative as a welcome departure from overly theoretical learning models.

He encouraged the beneficiaries to focus on creating sustainable and impactful solutions rather than simply chasing grants or recognition.

Tijani advised the students to embrace consistency, discipline, and long-term thinking, noting that meaningful innovation often grows from small but deliberate efforts over time.

He said lasting impact comes from building value steadily, solving real problems, and remaining committed to ideas that can improve lives and contribute to national progress.

Also lending support to the initiative, the Resident Representative of the United Nations Development Programme, Elsie Attafuah, said the programme reflects a strong and timely investment in the future of Nigeria’s youth.

She urged the beneficiaries to see themselves not just as recipients of funding, but as important players in a growing national innovation ecosystem with the potential to influence the country’s development trajectory.

Attafuah reminded the students that receiving support is only the beginning of a more demanding journey, one that will require them to refine their ideas, test them in the market, respond to feedback, and continue improving in order to achieve meaningful scale and impact.

She encouraged them to remain focused on building solutions that matter, create value where it is most needed, and contribute significantly to national transformation.

The Federal Government also acknowledged the role of development and institutional partners, including the United Nations Development Programme, Google, and the Bank of Industry, in supporting the initiative and helping to widen opportunities for young innovators.

With the launch of the Student Venture Capital Grant, the government says it hopes to unlock the immense potential within Nigeria’s tertiary institutions and build a new generation of entrepreneurs capable of driving inclusive growth, technological advancement, and long-term economic prosperity.