FG Awards ₦50 Million Each to 45 Students Under S-VCG Innovation Grant
The Federal Government of Nigeria has awarded ₦50 million each to 45 outstanding student innovators under the Student Venture Capital Grant (S-VCG), reinforcing its commitment to youth-driven entrepreneurship and innovation across tertiary institutions.
The initiative was officially launched by Tunji Alausa at the UNDP Innovation Hub in Ikoyi, Lagos. The programme represents a strategic shift in Nigeria’s education policy, focusing on innovation, creativity, and enterprise development as key drivers of economic growth.
According to the minister, the S-VCG programme is more than just financial support. It provides equity-free funding, mentorship, incubation opportunities, and access to advanced digital tools to help students transform their ideas into scalable businesses.
The scheme, coordinated by the Federal Ministry of Education, targets student-led startups that offer practical solutions to real-world challenges in sectors such as agriculture, healthcare, logistics, and financial technology. It is designed to turn academic environments into innovation ecosystems where ideas can evolve into impactful ventures.
The selection process was highly competitive, attracting over 30,000 applications from more than 400 tertiary institutions nationwide. After an intensive screening process and a three-day bootcamp, finalists pitched their ideas before industry experts, with 45 innovators ultimately selected for the grant.
Alausa highlighted that the long-term vision of the programme is to empower Nigerian graduates to become job creators rather than job seekers. He noted that the initiative forms part of a broader national strategy to harness youth potential through skills development and innovation-led entrepreneurship.
The programme also benefits from strong partnerships with global and local organizations, including the United Nations Development Programme, Google, and the Bank of Industry, all of which are contributing to expanding opportunities for young innovators.
In her remarks, Suwaiba Ahmad emphasized the importance of integrating entrepreneurship into education. She explained that students must combine academic learning with practical skills to remain competitive in today’s global economy.
She further noted that student-led businesses are increasingly playing a vital role in job creation, innovation, and economic diversification across key sectors such as technology, agriculture, healthcare, and the creative industry.
Also speaking, Bosun Tijani described the initiative as a major transition from theoretical education to practical innovation. He advised beneficiaries to focus on building sustainable businesses, stressing the importance of long-term vision, consistency, and discipline in entrepreneurship.
Representing the UNDP, Elsie Attafuah commended the Federal Government for investing in youth innovation. She encouraged the selected students to continuously refine their ideas, engage with markets, and adapt to feedback, noting that their innovations can contribute significantly to national development.
The S-VCG programme marks a significant milestone in Nigeria’s efforts to integrate innovation into its education system. It is expected to nurture a new generation of entrepreneurs capable of driving economic growth, creating jobs, and delivering sustainable solutions across the country.
