The Federal Government has disbursed a total of N2.25 billion to 45 student innovators across Nigeria’s tertiary institutions, in a move aimed at promoting innovation, entrepreneurship, and practical learning among young people.
The funding was awarded under the Student Venture Capital Grant (SVCG), a new initiative designed to support student-led businesses and ideas with up to N50 million in equity-free funding.
The presentation ceremony took place in Lagos at the UNDP Innovation Hub in Ikoyi, with the Minister of Education, Tunji Alausa, leading the event. He was joined by the Minister of State for Education, Suwaiba Ahmad, and other top government officials.
Students from University of Lagos emerged as the biggest winners at the event, with eight students from the institution receiving the maximum grant of N50 million each.
Other institutions that produced successful applicants include the University of Ilorin, Federal University of Technology Minna, Lagos State University, and Bayero University Kano.
In total, 65 student innovators were initially shortlisted for the programme, but only 45 received funding in this first phase.
Many of the winning projects focus on using modern technology, especially Artificial Intelligence, to solve real-life problems in areas such as healthcare, education, agriculture, and business.
Speaking at the event, Alausa said the initiative marks a shift in how Nigeria views higher education. He noted that for many years, universities have focused mainly on awarding certificates, with less attention given to innovation and practical skills.
“For too long, our tertiary institutions have been seen primarily as centres for certification,” he said. “But under the leadership of Bola Tinubu, we are changing that narrative.”
According to him, universities, polytechnics, and colleges of education must now become centers where ideas are developed into real solutions that can benefit society.
He also urged governing councils of tertiary institutions to appoint leaders who understand innovation and entrepreneurship, stressing that leadership plays a key role in shaping the future of education.
A major goal of the SVCG program is to bridge the gap between theory and practice in Nigeria’s education system.
For years, many graduates have struggled to find jobs, often because they lack practical skills or experience. This has led to growing calls for reforms that will make education more relevant to the needs of the economy.
Alausa said the new initiative will help students go beyond classroom learning.
“Now, our students will not only learn, but they will create knowledge,” he said. “They will not only understand theory, but also apply it to solve real problems.”
He added that the program is designed to help students turn their ideas into businesses that can create jobs and contribute to economic growth.
The Minister also advised beneficiaries to focus on building solutions that will have a positive impact on society, rather than chasing profit alone.
“This initiative is not only about individual success—it is about national transformation,” he said.
He explained that the government hopes the programme will help build a new generation of entrepreneurs who can drive innovation and improve the quality of life in Nigeria.
Also speaking at the event, the Minister of Communications and Digital Economy, Bosun Tijani, encouraged the students to remain committed to their ideas, even when they face challenges.
He noted that failure is often part of the innovation process and urged the young innovators not to give up.
“Stay true to your ideas and keep improving them,” he said. “Innovation takes time, and success does not come overnight.”
Similarly, Chairman of the Senate Committee on Tertiary Institutions and TETFund, Muntari Dandutse, said the National Assembly supports initiatives like the SVCG because they promote entrepreneurship and help build strong businesses.
He stressed the importance of connecting academic learning with real-world application, noting that this is key to national development.
The program has already attracted significant interest from students across the country. According to the National Program Coordinator, Adebayo Adebajo, more than 30,000 students applied for the first round of the grant.
He said the government hopes to increase that number to 200,000 applications in the next phase, showing the growing interest in innovation among Nigerian youths.
The high number of applicants also highlights the need for more funding and support for young entrepreneurs, many of whom have ideas but lack the resources to develop them.
Nigeria has one of the largest youth populations in the world, with millions of young people entering the labour market every year. However, job creation has not kept pace with this growth, leading to high levels of unemployment and underemployment.
Programs like the SVCG are seen as part of a broader effort by the government to harness the potential of young people and reduce dependence on traditional jobs.
By supporting student-led startups, the government hopes to create a new wave of businesses that can drive economic growth and position Nigeria as a leader in technology and innovation in Africa.
Alausa said the Federal Government is ready to expand the programme if the first set of beneficiaries shows clear results.
He noted that the grant amount could be doubled in future rounds if the projects demonstrate real impact.
“This is how nations rise,” he said. “Not by consuming ideas, but by creating them.”
For the 45 students who received funding, the challenge now is to turn their ideas into successful ventures.
If successful, the SVCG could mark a turning point in Nigeria’s education system—one that places innovation, creativity and entrepreneurship at its center.