Up to N50m payable as FG floats venture capital grant for students

The federal government has officially opened the application portal for undergraduate entrepreneurs to apply for its N50 million student venture capital grant (S-VCG). 

In a statement on Monday, Tunji Alausa, minister of education, said the grant is a groundbreaking national initiative aimed at transforming student-driven ideas into commercially viable and high-impact ventures.

The minister said the grant is designed to cultivate a new generation of Nigerian innovation entrepreneurs.

These innovators, Alausa said, will be capable of redefining Nigeria’s economic future.

“The president has challenged us to look for the next moonshot within our tertiary institutions,” he said. 

“We are not just looking for projects; we are scouting for future Nigerian unicorns whose roots will be planted right here in our universities and colleges. 

“This is an equity-free seed investment in Nigeria’s future.”

Alausa added that the initiative was designed to support student-driven innovation by funding ventures that address real-world challenges with clear potential for scale and commercialisation. 

The scheme, he said, offers up to N50 million in equity-free grants to student founders with innovations in science, technology, engineering, mathematics, and medical sciences.

Alausa noted that successful applicants will also be absorbed into a comprehensive support ecosystem to ensure that funded ventures are not only launched but are also supported to successfully transition into market-ready enterprises.

These ecosystems include intensive incubation programmes, expert mentorship from seasoned entrepreneurs and industry leaders, and full access to tools, platforms, and resources required to develop and scale their startups. 

The minister said teh government has partnered with Google to integrate advanced technology into the S-VCG application and evaluation process. 

This partnership, he said, will include Google’s Gemini AI custom-built evaluation agents, which will be embedded directly into the application portal to ensure fair, intelligent, and efficient review of submissions.

Alausa said that every applicant who successfully submits a business project or innovation will receive a one-year free Google Gemini Pro license, along with premium learning resources that will strengthen their entrepreneurial and technical capabilities.

“We are ensuring that our students begin their entrepreneurial journey with the very best tools available globally,” the minister said. 

“We are building a powerful innovation funnel, from idea to market domination.”

Alausa encouraged all eligible Nigerian students enrolled in accredited tertiary institutions to apply for the grant.

He added that they are to submit proposals that demonstrate scalability, market relevance, and potential to solve critical national or global challenges.