The Federal Government has announced plans to launch a financial grant for student entrepreneurs in tertiary institutions across the country, aimed at stimulating innovation, entrepreneurship, and economic transformation.
The grant, tagged the Sciences, Technology, Engineering, Mathematics and Medical Sciences Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower students in Nigeria’s tertiary institutions to build the next generation of scalable, job-creating ventures, according to the Federal Ministry of Education.
The Minister of Education, Dr Olatunji Alausa, disclosed this in a statement issued by the Director of Press and Public Relations, Mrs Folasade Boriowo, on Friday in Abuja. He explained that key beneficiaries would be student entrepreneurs in science, technology, engineering, mathematics, and medical sciences-related courses.
He noted that the project, also referred to as the “STEMM Up Grant”, would be formally unveiled in August in Abuja.
The Minister urged key education stakeholders—particularly vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners—to support the project and work collectively to nurture student-led innovations.
He further stated: “S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation. We are giving our students the tools to dream, build, and scale solutions that solve real-world problems, from tech and medicine to agriculture and green energy.
“The grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics, and Medical Sciences), specifically those in their 300-level and above. Each selected student-led project will be eligible to receive start-up funding of up to N50 million, along with access to mentorship, incubation services, and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BOI) to ensure financial transparency, impact measurement, and effective project execution.”
Meanwhile, the Minister of State for Education, Professor Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We are building a stronger, more competitive future by supporting innovation from the ground up. This programme’s design was informed by months of consultation with students, faculty, and institutional leaders.
“The launch of S-VCG also aligns with the government’s agenda, which prioritises inclusive education, youth empowerment, and sustainable economic development.”
She added that the STEMM Up Grant is a timely, strategic, and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
She reaffirmed the Ministry’s commitment to ensuring an inclusive rollout and rigorous monitoring to guarantee that the initiative delivers measurable and lasting impact across Nigeria’s higher education institutions.
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