Federal Government to Award N50 Million Grant to Outstanding Varsity Students, See Details

Federal Government to Award N50 Million Grant to Outstanding Varsity Students

The Federal Government has announced a N50 million venture capital grant aimed at supporting exceptional students in public universities across Nigeria. The initiative, which targets students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines, will be open to those from 300 Level and above.

Minister of Education Dr. Tunji Alausa made the announcement in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC). He said the grant, which will be rolled out between September and October this year, is designed to help students scale up innovative or existing business ventures. The fund is a collaborative effort between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).

Dr. Alausa emphasised the importance of supporting young innovators as the country shifts from a resource-based to a knowledge-based economy. “We have tens of thousands of students across our institutions who are geniuses, but they need the opportunity,” he said. He noted that the initiative will provide financial support of up to N50 million to eligible students to accelerate their business ideas or innovations.

The newly inaugurated committee, chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will be responsible for establishing eligibility criteria for the grant and overseeing its implementation. The committee will also work to bridge the gap between academic research and market-ready solutions by promoting collaboration among academia, industry, and government.

Other key objectives include developing frameworks for co-creation, funding, incubation, and scaling up of university-driven innovations. The committee will also focus on fostering partnerships between researchers and industry stakeholders, promoting policy alignment for innovation financing, and adapting global technologies to solve local challenges.

Minister of State for Education Prof. Suwaiba Ahmad hailed the grant as a major step forward in promoting research and innovation in the higher education sector. TETFund Executive Secretary Sonny Echono encouraged the committee to diligently execute its responsibilities to ensure the initiative meets its goals and supports national economic growth. He also commended Dr. Alausa for his strong backing of the fund’s mission.

Dr. Aduloju expressed the committee’s commitment to developing a comprehensive framework for commercialising research outputs and supporting innovative projects that can drive development and job creation across the country.