The Federal Government has unveiled a major youth empowerment initiative, awarding ₦50 million each to 45 students selected from 65 finalists under the Student Venture Capital Grant programme, designed to drive innovation and entrepreneurship across Nigerian tertiary institutions.
The announcement was made by the Minister of Education, Tunji Alausa, during the official inauguration of the initiative held at the UNDP Innovation Hub in Ikoyi, Lagos, where he described the programme as a bold step toward positioning Nigerian youths at the centre of global innovation.
According to Alausa, the initiative represents a strategic shift in the country’s education policy, moving beyond traditional academic certification to a system that actively nurtures innovation, creativity, and enterprise among students nationwide.
The grant is structured as equity-free funding and is complemented by mentorship, incubation support, and access to digital tools, all aimed at helping beneficiaries transform their ideas from conceptual stages into viable, scalable businesses.
Alausa explained that the selected beneficiaries emerged from a highly competitive process that attracted over 30,000 applicants from both public and private tertiary institutions across the country. The finalists underwent a rigorous three-day bootcamp before pitching their innovations to industry experts, with the top performers earning the funding support.
He noted that the programme aligns with the administration of President Bola Tinubu and reflects a broader commitment to economic growth driven by innovation, youth empowerment, and sustainable development.
The minister emphasised that the goal of the initiative is to transform Nigerian universities and other tertiary institutions into innovation hubs that foster research, entrepreneurship, and technological advancement, rather than serving solely as centres for academic certification.
Through the programme, the government aims to support the incubation of student ideas into real-world products and services that can contribute meaningfully to economic development and job creation across the country.
Alausa also highlighted the importance of partnerships in achieving the programme’s objectives, acknowledging the support of international and local organisations, including the United Nations Development Programme, Google, and the Bank of Industry, which played key roles in strengthening the initiative’s implementation.
He urged students across the country to take advantage of the opportunity, noting that many globally successful companies began as simple academic ideas that grew into large enterprises through access to funding and innovation support.
The minister further encouraged young innovators to focus on building solutions that address real societal challenges, stressing the importance of sustainability, inclusivity, and long-term impact in business development.
He also called on beneficiaries to adopt a culture of collaboration and knowledge sharing, encouraging them to support other aspiring innovators as part of a broader effort to strengthen Nigeria’s innovation ecosystem.
According to him, the programme is not just about funding ideas, but about building a generation of entrepreneurs who will drive economic transformation, create jobs, and contribute to national development.
Alausa added that universities must evolve into active drivers of economic growth by embracing research, commercialisation, and technology transfer, ensuring that innovation translates into tangible benefits for society.
The initiative is expected to serve as a catalyst for a new wave of student-led enterprises, positioning Nigeria as a growing hub for innovation, creativity, and youth-driven economic progress.
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