The Federal Government has officially launched the Student Venture Capital Grant (S-VCG) programme, a new initiative that will provide up to N50 million in equity-free funding for student-led ventures. The Minister of Education, Dr. Maruf Olatunji Alausa, announced the rollout during an event held in Abuja on Monday, which Studentportals.com.ng attended.
Speaking at the launch, the minister described the programme as a major step toward strengthening innovation within Nigeria’s tertiary institutions.
“It is therefore my pleasure, to the benefit of all Nigerian students and to the Glory of God, that I formally declare the S-VCG programme open,” he said.
The ministry had earlier opened the application portal on November 17, 2025, under the Renewed Hope Agenda, with the aim of supporting student innovations and turning them into commercially viable ventures. Applications are now scheduled to close on January 23, 2026.
What the Minister is Saying
Dr. Alausa noted that while not every idea will eventually become a successful startup, the S-VCG will help transform some student innovations into patents and licensable technologies with strong potential for both local and global impact.
He explained that shortlisted applicants will pitch their ideas before a 12-member panel drawn from:
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Research, Innovation & Commercialization Committee
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Bank of Industry
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Venture capital and private equity professionals
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Afara Initiative
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Professors from tertiary institutions
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Federal Ministry of Education
According to him, the programme has been designed to ignite innovation, promote research excellence, and build a new culture of entrepreneurship across Nigerian universities, polytechnics, and colleges of education.
“Every business submission will be thoroughly evaluated, and applicants will receive feedback to help refine and strengthen their ideas for subsequent cycles. More importantly, this programme will accelerate research commercialization and the development of Intellectual Property (IP),” he added.
The minister urged all eligible students to apply before the January 23 deadline.
More Insights
The Special Adviser to the President on Media and Public Communication, Sunday Dare, also spoke at the event. He pointed out that venture capitalism in Nigeria has mostly been driven by the private sector, with limited government involvement.
He commended the Ministry of Education for entering a space that has traditionally been dominated by fintechs and private startups, describing the programme as a welcome innovation that broadens the scope of learning and funding opportunities for students.
What You Should Know
The S-VCG, also referred to as the STEMM Up Grant, was first announced in July and was initially expected to take off on August 2.
The programme is targeted at:
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Full-time undergraduate students
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300 level and above
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Across accredited Nigerian tertiary institutions
In addition to funding, selected student-led ventures will benefit from:
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Mentorship
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Incubation and accelerator support
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Business development guidance
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Opportunities to build scalable, impactful solutions
The initiative is being implemented in partnership with the Bank of Industry to ensure accountability and measurable results.
Before the rollout, the ministry held a high-level stakeholder meeting in Abuja involving Vice Chancellors, Provosts, Rectors, student leaders, academic staff unions and development partners. The discussion focused on strengthening the environment for student-led innovation across tertiary institutions.
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