Nigeria shortlists 65 student innovators for venture capital grant

Education, Politics

ABUJA, NIIGERIA (Agency Report) — March 24, 2026 — The Federal Government has shortlisted 65 student innovators from a pool of 30,639 applicants for the final stage of the Student Venture Capital Grant (S-VCG).

According to a statement issued by Folasade Boriowo, Director of Press and Public Relations at the Federal Ministry of Education, the applicants were drawn from 404 tertiary institutions nationwide, reflecting the depth of innovation and entrepreneurial potential within Nigeria’s university system.

Minister of Education, Dr Tunji Alausa, described the initiative as a strategic investment in nurturing future innovators and job creators. He noted that the performance of the shortlisted candidates demonstrated creativity and ambition, adding that the programme would strengthen a pipeline of entrepreneurs to drive economic growth.

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Launched in December 2025 in partnership with the Bank of Industry, the S-VCG provides up to N50 million in equity-free funding to support student-led ventures at the commercialisation stage, enabling them to scale solutions, create jobs, and boost innovation-driven development.

The selection process involved AI-based screening, independent human validation, and assessment by a committee comprising representatives from government, academia, industry, and the investment ecosystem. Criteria included scalability, feasibility, founder capability, and impact potential.

Finalists will participate in a venture development bootcamp from March 26 to 29, featuring pitch sessions, workshops, and investor feedback. The winners will be announced at an awards ceremony on March 29.

Dr Alausa emphasised that the initiative underscores the government’s commitment to promoting innovation and supporting student entrepreneurship as a driver of national development.