By Atoyebi Nike
The Minister of Education, Dr. Maruf Olatunji Alausa, has launched the Student Venture Capital Grant programme, which will provide up to N50 million in equity-free funding for student-led ventures. The initiative was unveiled in Abuja on Monday, with applications scheduled to close on January 23.
Alausa said the programme is designed to drive innovation, support research excellence and build a strong entrepreneurial culture across universities, polytechnics and colleges of education. He noted that not every idea will become a startup but added that some submissions may grow into patents and licensable technologies with local and global potential.
Shortlisted teams will pitch before a 12-member panel drawn from the Research, Innovation and Commercialization Committee, the Bank of Industry, venture capital firms, private equity experts, Afara Initiative, academics and the Federal Ministry of Education. All entries will be thoroughly reviewed, and applicants will receive feedback to help improve their ideas.
The minister urged eligible students to seize the opportunity, stressing that the programme will boost research commercialization and intellectual property development.
Presidential media aide Sunday Dare said the initiative marks a major shift, as venture capitalism has traditionally been driven by the private sector in Nigeria. He said the grant expands innovation support beyond fintech and startups.
Also known as the STEMM Up Grant, the S-VCG targets full-time undergraduates in 300 level and above. Beneficiaries will receive mentorship, incubation and business development support to help scale viable projects. The programme is being implemented with the Bank of Industry to ensure transparency and measurable outcomes.
Ahead of the rollout, a stakeholder meeting in Abuja brought together vice chancellors, provosts, rectors, student leaders and development partners to discuss ways to strengthen innovation within tertiary institutions.
