The Federal Government has disbursed a total of N2.25 billion to 45 outstanding students under the Student Venture Capital Grant (SVCG), a flagship initiative designed to support student-led innovations with up to N50 million in equity-free funding.

The beneficiaries emerged from a pool of over 30,000 applicants across more than 400 tertiary institutions nationwide. After a rigorous selection process, including a three-day bootcamp and pitch sessions before industry experts, 45 students were selected from 65 finalists for the funding.

Speaking at the award ceremony held at the UNDP Innovation Hub in Ikoyi, Lagos, the Minister of Education, Dr. Tunji Alausa, described the programme as a bold step toward transforming Nigeria’s tertiary institutions into centres of innovation and enterprise. He said the initiative aims to shift the focus of education from mere certification to practical problem-solving and economic development.

Alausa noted that beneficiaries would receive not only funding but also structured incubation, mentorship, and access to digital tools to help scale their ideas into viable businesses. He added that the programme would enable students to transition from ideation to commercialisation, ultimately creating jobs and strengthening Nigeria’s innovation ecosystem.

Also speaking, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, emphasised the need for universities to evolve into hubs of creativity and innovation. He urged students to focus on building sustainable, value-driven enterprises rather than chasing short-term recognition, stressing that long-term impact is key to national development.

The Minister of State for Education, Prof. Suwaiba Said Ahmad, described student entrepreneurship as a critical strategy for economic growth and job creation. She highlighted the importance of equipping students with practical skills such as creativity, resilience, and leadership, noting that initiatives like the SVCG are essential to empowering young Nigerians to become job creators and drivers of innovation across multiple sectors.