IKOYI, LAGOS STATE– The FG has actually officially awarded equity-free grants of 2.25 billion to 45 trainee innovators, marking the conclusion of the maiden Student Venture Capital Grant (S-VCG). The announcement was made by the Minister of Education, Prof. Tunji Alausa, on Sunday, March 29, 2026, at the UNDP Innovation Hub in Ikoyi, Lagos.
Selected from an initial swimming pool of over 30,000 candidates, the 45 beneficiaries, drawn from both public and private tertiary organizations, received 50 million each to shift their scholastic research study and ideations into commercial enterprises.
From Class to Conference Rooms: A Policy Shift
Minister Alausa characterised the grant as a vibrant declaration that the next wave of international innovation will be spearheaded by Nigerian youth.
He emphasised that the S-VCG represents an essential shift in national education policy, moving far from the standard design of tertiary organizations as “accreditation centres” towards becoming hubs of financial advancement and technology transfer.
Read likewise: International Day for Education: Alausa reveals youth-driven education program.
The S-VCG Support Plan Consists Of:
- 50 Million Equity-Free Financing: Capital supplied without giving up ownership.
- Incubation & Mentorship: Access to industry professionals to fine-tune company models.
- Digital Tools: Arrangement of high-end software application and hardware for technical development.
- Endeavor Bootcamp: Extreme three-day training on pitching, scaling, and monetary management.
A Rigorous Choice for National Effect
The roadway to the last 45 was extremely competitive. Following the shortlisting of 65 finalists earlier this month, the candidates went through an extensive three-day boot camp where they pitched their developments before a panel of market experts.
The winning start-ups were chosen based upon their prospective to solve vital national difficulties in sectors including:
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Agriculture: Enhancing food security through Agritech.
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Health care: Digital health options for underserved locations.
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Logistics: Optimising the supply chain within Nigeria’s internal trade paths.
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Fintech: Broadening monetary inclusion and digital payment systems.
Worldwide Collaborations for Local Growth
The Minister acknowledged the collective effort behind the initiative, pointing out the Bank of Industry (BoI), Google, and the United Nations Advancement Programme (UNDP) as crucial technical and monetary partners.
He noted that such partnerships are necessary for producing an ecosystem where terrific concepts do not “die in the class” but progress into global business.
Future Outlook: Training Job Creators
Declaring the dedication of President Bola Tinubu’s administration to human capital advancement, Alausa advised the students to utilize the chance to become companies of labour.
He concluded by challenging Nigerian universities to prioritise research commercialisation, specifying that no nation can accomplish real success without a lively scholastic system that generates useful services for societal progress.
The 45 beneficiaries are anticipated to begin their formal incubation duration in April, with regular progress reports submitted to the Federal Ministry of Education to ensure the efficient utilisation of the seed capital.