Federal Government Launches N50 Million Student Venture Grant
The Federal Government has officially opened applications for the Student Venture Capital Grant (S-VCG), a groundbreaking initiative that provides equity-free funding of up to ₦50 million to support student-led business ventures. This ambitious program represents a significant investment in Nigeria's future innovators and entrepreneurs.
Program Details and Eligibility Requirements
According to an official statement released by Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education, the grant specifically targets full-time undergraduate students currently in 300-level and above across all accredited Nigerian tertiary institutions. The initiative, first announced in July and officially launched on August 2, forms a crucial part of the government's Renewed Hope Agenda.
Education Minister Chief Dr. Tunji Alausa emphasized the program's strategic importance, stating that the government is actively searching for high-potential innovations within higher education institutions. He revealed that President Bola Tinubu has specifically challenged the ministry to identify the next groundbreaking innovations emerging from Nigerian universities and colleges.
The grant program, also known as the STEMM Up Grant, focuses exclusively on students in STEMM fields - Science, Technology, Engineering, Mathematics, and Medical Sciences. Beyond the substantial financial support, successful applicants will receive comprehensive mentorship, incubation support, and business development services designed to help scale their ventures and address real-world challenges.
Partnership and Implementation Strategy
The Federal Ministry of Education is implementing the Student Venture Capital Grant in partnership with the Bank of Industry to ensure transparency, accountability, and measurable outcomes. This collaboration brings financial expertise and oversight to the ambitious program.
Minister Alausa described the initiative as an equity-free seed investment in Nigeria's future, highlighting that the government is not merely looking for projects but actively scouting for future Nigerian unicorns that will have their roots planted within the country's universities and colleges.
The application portal is now active, marking a significant opportunity for eligible students to access substantial funding without sacrificing equity in their ventures. This approach allows student innovators to maintain full ownership of their ideas while receiving the financial backing needed to transform concepts into commercially viable, high-impact businesses.
The S-VCG represents one of the most substantial government investments in student entrepreneurship in recent years, signaling a strong commitment to nurturing homegrown talent and innovation within Nigeria's educational system.
