The Federal Government of Nigeria has shortlisted 65 student innovators for the final stage of its Student Venture Capital Grant program, a major initiative designed to support young entrepreneurs and promote innovation across the country.
The program, which offers up to N50 million in funding, attracted a total of 30,639 applications from students in 404 tertiary institutions nationwide. The large number of applicants highlights the growing interest among Nigerian youths in entrepreneurship and technology-driven solutions.
The announcement was made in a statement issued on Monday by Folasade Boriowo, Director of Press and Public Relations at the Federal Ministry of Education.
According to the ministry, the 65 finalists are working on projects across different sectors considered important for national development. These include technology, agriculture, healthcare, education, and renewable energy.
The Student Venture Capital Grant is one of the key programs introduced under the administration of Bola Tinubu to encourage innovation and reduce unemployment among young people. The initiative aims to help students turn their ideas into successful businesses that can create jobs and support economic growth.
Speaking on the development, the Minister of Education, Maruf Alausa, described the program as an important step toward building the next generation of Nigerian entrepreneurs.
“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging,” the minister said. “Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for growth.”
He added that the initiative is focused on creating a strong pipeline of innovators who can contribute to the country’s future development.
The Student Venture Capital Grant program was launched in December 2025 in partnership with the Bank of Industry. It provides equity-free funding of up to N50 million to student-led businesses that have already reached the stage where they can be introduced to the market.
Unlike traditional loans, the grant does not require repayment or ownership stakes, making it easier for young entrepreneurs to focus on growing their businesses without financial pressure.
Officials say the program is designed not only to support innovation but also to address unemployment, which remains a major challenge in Nigeria. By helping students build businesses, the government hopes to create more job opportunities and reduce reliance on scarce formal sector jobs.
The selection process for the grant was carried out in several stages to ensure fairness and transparency. In the first stage, applications were screened using artificial intelligence tools to check eligibility and alignment with the program’s goals.
This was followed by human review, where experts assessed the applications more closely. Shortlisted candidates were then evaluated by a panel made up of representatives from government, academic institutions, private companies, and the investment community.
The panel used clear criteria to assess each application, including the potential for growth, the practicality of the idea, the ability of the founders, and the likely impact on society.
The ministry said this thorough process was necessary to ensure that only the most promising and capable innovators reached the final stage.
The 65 selected students will now take part in an intensive training program known as a venture development bootcamp. The bootcamp is scheduled to take place from March 26 to March 29, 2026.
During the four-day program, participants will receive training on how to improve their business ideas and prepare them for investment. Activities will include pitch sessions, workshops, live evaluations, and feedback from experienced investors and business experts.
The bootcamp is expected to help the students refine their projects and improve their chances of success in the market.
At the end of the program, final decisions will be made on which participants will receive the N50 million grant. The selection will be based on their original application scores, their performance during the bootcamp, and recommendations from the evaluation panel.
The program will end with an awards event on March 29, where the successful grant recipients will be officially announced.
In recent years, many Nigerian youths have turned to entrepreneurship, especially in the technology sector, where startups have gained international attention. However, access to funding remains a major challenge for many young innovators.
Programs like this aim to bridge that gap by providing financial support and mentorship to help startups grow.
While the program has been widely welcomed, some analysts say its success will depend on proper implementation and follow-up support for beneficiaries. They argue that beyond funding, young entrepreneurs need guidance, infrastructure, and a stable business environment to succeed.
For the 65 finalists, however, the opportunity represents a major step forward. Many of them are hoping that the program will help them turn their ideas into successful ventures that can make a real difference in their communities.