The Federal Government has launched the Student Venture Capital Grant (S-VCG) for researchers who are focused on Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM).
Minister of Education Dr Tunji Alausa, at the launch of the grant in Abuja on Monday, explained that beneficiaries will access up to N50 million in equity-free funding to expand and commercialise their research, thus boosting innovation and entrepreneurship across Nigeria’s tertiary institutions.
He further explained that the initiative was a joint undertaking of the Federal Ministry of Education and TETFund, implemented in partnership with high-impact institutions, including the Bank of Industry (BOI), Afara Initiative, Entrepreneurship & Skills Development Center, Afrilabs, and Google.
“Through this programme, students will have access to up to N50 million in equity-free seed funding to scale promising ventures with the potential to attract attention not only from Nigerian venture capital and private equity firms, but also from global investors,” he said.
The Minister also stated that the S-VCG was structured to identify exceptional talent, give them a fair and credible opportunity to succeed, and inspire thousands of others to believe in their capacity to innovate. “We know that many successful founders did not thrive on their first attempt. But their journey began with a spark.
“Therefore, this intervention was designed to light new sparks, build a new culture of confidence, and showcase to the world the depth of Nigerian ingenuity. Beneficiaries of the S-VCG will receive a comprehensive support package tailored to increase their chances of building viable, scalable ventures, and these include an intensive incubation programme, expert mentorship from seasoned entrepreneurs and industry leaders, and access to critical tools, networks, and resources for start-up development.”
The Minister confirmed that the programme was open to students of federal, state, and private tertiary institutions; full-time students from Year 3 and above (with younger students eligible as team members); ventures with a CAC-registered business name; and projects rooted in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEM-M).
“Every business submission will be thoroughly evaluated, and applicants will receive feedback to help refine and strengthen their ideas for subsequent cycles. We also intend to pair teams with complementary ideas, encouraging collaboration, cross-learning, and shared innovation.
“But more importantly, this programme will accelerate research commercialisation and the development of Intellectual Property (IP). Not every idea will become a start-up, but it is our sincere hope that some will evolve into patents and licensable technologies with potential for significant local and global impact.
“Applications will be processed through our dedicated digital portal. Shortlisted teams will pitch before a 12-member panel comprising representatives of the Research, Innovation & Commercialisation Committee, the Bank of Industry, venture capital and private equity professionals, Afara Initiative, tertiary institutions, professors and the Federal Ministry of Education.
“Through this programme, we expect to see a stronger innovation culture, deeper curiosity and ambition, and high-impact solutions for Nigeria and the world. Also, by empowering our students to pursue the next moonshot, we are building a sustainable innovation ecosystem within our tertiary institutions, one that is resilient, competitive, and globally relevant.”
Meanwhile, several other speakers commended the intervention, describing it as an opportunity long-awaited by researchers.
