The Federal Government has disbursed a total of N2.25 billion to 45 students from tertiary institutions across the country under its Student Venture Capital Grant (S-VCG) initiative, aimed at boosting innovation and entrepreneurship among Nigerian youths.

The initiative, launched in December last year by the Minister of Education, Dr. Tunji Alausa, is designed to support student innovators in STEMM fields with up to N50 million in equity-free funding, alongside mentorship and incubation to help develop campus-based startups.

The disbursement ceremony, held in Ikoyi, Lagos, saw the presentation of cheques to beneficiaries after the completion of a three-week intensive boot camp. The 45 recipients emerged from 65 finalists, selected from over 30,000 applicants drawn from more than 400 tertiary institutions nationwide.

Speaking at the event, Alausa described the programme as a transformative effort to reposition Nigeria’s tertiary institutions as centres of innovation and enterprise rather than mere certification hubs. He said the initiative reflects the Tinubu administration’s commitment to harnessing the creativity and potential of Nigerian students.

He added that beyond funding, beneficiaries would receive structured mentorship, incubation support, and access to advanced digital tools, including AI-enabled evaluation systems, to help scale their ideas into viable businesses. Other dignitaries, including Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and Senator Mohammed Muntari, commended the initiative and urged beneficiaries to maximise the opportunity to create impactful and sustainable solutions.