Federal Government Launches N50m Innovation and Entrepreneurship Grant for Tertiary Students

The Federal Government has launched a N50 million Student Venture Capital Grant aimed at strengthening innovation, research, and entrepreneurship across tertiary institutions. Announced in Abuja by the Minister of Education, Dr. Tunji Alausa, the initiative seeks to support 250,000 students in its first cohort, with more than 100,000 already participating in training sessions across 1,620 centres nationwide.

Alausa said the application portal, opened on November 17, will remain active until January 23, after which evaluations will begin. He described the programme as a significant investment in young innovators and a key pillar of the administration’s broader education and economic objectives.

The grant offers equity-free seed funding of up to N50 million per venture, together with incubation support, mentorship, and access to startup-building tools. According to the minister, the scheme will identify high-potential ideas emerging from campuses and help cultivate a culture of creativity and enterprise. It is open to full-time students from Year 3 and above in federal, state, and private institutions, while younger students may participate as team members.

The initiative is being executed jointly by the Ministry of Education and TETFund, working with the Bank of Industry, Afara Initiative, Afrilabs, the Entrepreneurship and Skills Development Centre, and Google. Eligible applicants must have CAC-registered business names and propose ventures rooted in STEM and medical fields.

Alausa noted that applicants will undergo a rigorous evaluation process, culminating in a pitch session before a 12-member expert panel drawn from academia, industry, venture capital, and government. Shortlisted teams will receive feedback and may be paired with complementary groups to encourage collaboration.

He said the programme is expected to accelerate the commercialisation of research, support intellectual property development, and position students to create solutions with global relevance. While not all ideas may grow into startups, he emphasised that many could mature into patents and licensable technologies.

The National Programme Coordinator, Adebayo Onigbanjo, reported that the portal has so far recorded 17,914 applications from 402 institutions, with more than 1,000 completed submissions. He said the initiative is designed to spark student-driven innovation and address early-stage funding gaps that often hinder university-based ventures.

Former Minister of Power, Prof. Barth Nnaji, welcomed the programme, noting its potential to deepen scientific research and innovation. He said such efforts can help students and their mentors produce inventions that meet global standards while solving pressing local challenges.