By ifeoma Onyekachi

The Federal Government has taken a major step to promote student innovation and entrepreneurship by awarding ₦50 million each to 45 tertiary institution students under the Student Venture Capital Grant (S-VCG), a programme designed to support student-led business ideas and startups across Nigeria.

The Minister of Education, Tunji Alausa, unveiled the initiative on Sunday at the UNDP Innovation Hub in Ikoyi, Lagos, describing the programme as a strategic move to position Nigerian youths as drivers of global innovation and economic growth.

According to the minister, the S-VCG represents a significant shift in education policy from theoretical learning to innovation and enterprise development. He explained that the programme offers equity-free funding, mentorship, incubation support, and digital tools to help students transform ideas into viable businesses.

Alausa said the beneficiaries emerged after participating in a rigorous three-day bootcamp where they pitched their ideas before industry experts. The 45 winners were selected from 65 finalists, drawn from over 30,000 applicants across more than 400 tertiary institutions nationwide.

He noted that the initiative was designed to transform tertiary institutions from mere certification centres into hubs of innovation, entrepreneurship, and economic development, adding that the programme would help students move from ideation to commercialisation while creating jobs and contributing to national economic growth.

The minister said the programme would support student-led startups addressing national challenges in sectors such as agriculture, healthcare, logistics, and financial technology.

Also speaking, the Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a critical strategy for job creation, innovation, and economic development. She said the bootcamp marked the end of an intensive training programme and the beginning of a new journey for the student innovators.

Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, commended the initiative, noting that it signaled a shift from theoretical learning to practical problem-solving in Nigeria’s education system. He advised students to focus on building sustainable and impactful businesses rather than pursuing short-term competition prizes.

In her goodwill message, Elsie Attafuah reaffirmed the commitment of the United Nations Development Programme (UNDP) to supporting innovation and youth development in Nigeria. She encouraged the beneficiaries to refine their ideas, respond to market needs, and build solutions that would contribute to national development.

The Student Venture Capital Grant is administered by the Federal Ministry of Education in partnership with UNDP, Google, and the Bank of Industry to support student innovators and promote entrepreneurship across Nigeria’s tertiary institutions.