FG shortlists 65 student innovators for N50m venture capital grant

The Federal Government has shortlisted 65 student innovators from a total of 30,639 applicants across 404 tertiary institutions nationwide for the final stage of the Student Venture Capital Grant (S-VCG), a major initiative aimed at promoting innovation and entrepreneurship among Nigerian students.

Director, Press and Public Relations, Mrs. Folasade Boriowo, in a statement on Monday in Abuja, tagged “From Campus to Capital,” noted that the programme is a flagship initiative of President Bola Ahmed Tinubu, designed to accelerate high-impact student-led ventures and strengthen Nigeria’s innovation-driven economy.

She added that the milestone underscores the depth of creativity, innovation, and entrepreneurial potential within Nigeria’s university system, with shortlisted students developing scalable solutions across key sectors critical to national development.

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Announcing the development, the Minister of Education, Dr. Olatunji Alausa, described the initiative as a strategic investment in the country’s next generation of innovators and job creators.

“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale.

“Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth,” he said.

Launched in December 2025 in partnership with the Bank of Industry, the Student Venture Capital Grant provides up to N50 million in equity-free funding to support student-led ventures that have reached the commercialisation stage.

The initiative aims to enable young entrepreneurs to scale innovative solutions, stimulate job creation, and contribute to an innovation-driven economy.

The selection of the 65 finalists followed a rigorous and transparent multi-stage evaluation process.

Applications were first subjected to AI-enabled screening to assess eligibility, completeness, and alignment with programme objectives, followed by independent human validation to ensure fairness and accuracy.

According to the statement, the shortlisted entries were further reviewed by an evaluation committee comprising representatives from government, industry, academia, and the investment ecosystem.

“The assessment was based on structured criteria, including scalability, feasibility, founder capability, and potential impact.

“As the programme progresses to its final phase, the selected innovators will participate in an intensive venture development bootcamp scheduled for March 26 to 29, 2026.

“The bootcamp will feature pitch sessions, workshops, live venture evaluations, and investor-style feedback aimed at strengthening the ventures for growth and investment readiness.

“Final grant decisions will be based on application scores, bootcamp performance, and the recommendations of the evaluation committee.

“The programme will culminate in the Student Venture Capital Grant Beneficiary Awards Day on March 29, 2026, where recipients of the ₦50 million funding will be officially announced,” Boriowo stated.

She added that the initiative, according to the Federal Ministry of Education, reinforces the government’s commitment to fostering innovation, supporting student entrepreneurship, and building a pipeline of scalable ventures capable of driving Nigeria’s economic transformation.