Federal Government Shortlists 65 Student Innovators from Over 30,000 Applicants for N50 Million Venture Capital Grant
The federal government has announced the shortlisting of 65 student innovators from a pool of over 30,000 applicants for the final stage of the Student Venture Capital Grant (SVCG) programme. This initiative, as reported by The Cable, aims to provide substantial financial support to young entrepreneurs across Nigeria.
Programme Details and Objectives
According to a statement from the Federal Ministry of Education, a total of 30,639 applications were received from 404 tertiary institutions nationwide. The SVCG programme, introduced in November 2025 in partnership with the Bank of Industry, offers up to N50 million in non-dilutive funding for student-led ventures that have reached the commercialisation stage. This funding is designed to help scale innovative ideas, create jobs, and contribute to national economic growth.
Folasade Boriowo, spokesperson for the Ministry of Education, emphasized that the programme is a key initiative under the administration of President Bola Tinubu. She noted that the shortlisted innovators are developing solutions in sectors critical to national development, highlighting the strategic importance of investing in the next generation of entrepreneurs.
Rigorous Selection Process
The selection process for the grant was described as highly rigorous, involving multiple stages of assessment. Applications first underwent AI-driven screening to determine eligibility and alignment with programme goals. Submissions that passed this initial phase were then reviewed by a multi-sector panel comprising representatives from government, academia, industry, and the investment community.
Entries were evaluated based on criteria such as:
- Scalability of the venture
- Feasibility of the business model
- Capability of the founders
- Potential impact on the economy and society
Next Steps for Finalists
The 65 finalists are set to participate in an intensive venture development bootcamp scheduled from March 26 to 29, 2026. This bootcamp will include:
- Pitch presentations to refine their business ideas
- Workshops on entrepreneurship and venture scaling
- Live assessments by experts
- Feedback sessions with investors to strengthen their proposals
Final beneficiaries of the N50 million grant will be selected based on overall application scores, performance during the bootcamp, and recommendations from the evaluation panel. The programme is expected to conclude on March 29, 2026, with an awards ceremony where successful recipients will be announced.
This initiative underscores the government's commitment to fostering innovation and supporting young entrepreneurs in Nigeria, providing a significant boost to the startup ecosystem and economic development.
