FG launches “Student Venture Capital Grant”, gives N2.5bn to 45 beneficiaries 

Federal Government, through the Federal Ministry of Education, FME, on Sunday launched the Student Venture Capital Grant, S-VCG, during which N2.5 billion was given as grant to 45 student-led businesses.

The 45 successfully businesses were among the final list of 65 that got to a boot camp where their business proposals were scrutinized by a 12-man team of business experts.

Speaking at the event, the Minister of Education, Dr Tunji Alausa, said over 30,639 applications were received from 404 public and private tertiary institutions across the country.

“Today, we are activating a new future. A New Vision for Nigerian students. For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of His Excellency, President Bola Ahmed Tinubu, and in line with the Renewed Hope Agenda, we are redefining that narrative.

“Our institutions must now become: Centres of Innovation; Engines of Enterprise; Launchpads for Global Solutions. The S-VCG is one of the boldest steps we have taken to bring this vision to life.

“This is because this government believes in the goodness of the Nigerian student. We believe in you and your innate abilities. 

“The award of the Student Venture Capital Grant today to the first set of winners marks a monumental turning point in Nigeria’s educational and human capital development ecosystem.

“Now, our students will not only learn, they will create knowledge. Now, students will not only acquire theoretical understanding, they will operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.

“Not only will they create new solutions, but through upscaling and commercialization, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.

“Imbued with innovative and entrepreneurial skills, our graduates will now become job creators rather than job seekers.This is indeed the inevitable pathway to harness Nigeria’s greatest resource, our youthful population, and transform it into a formidable and future-ready human capital.

“It positions education as the veritable tool for development and channels the energy of our youth towards transgenerational and exponential economic growth, anchored on peace, prosperity, and progress,” he said.

The Minister of State for Education, Prof. Suwaiba Said Ahmad, described the occasion as the beginning of a new chapter to take the beneficiaries from being young innovators to running their businesses. 

“They are leaders of tomorrow, solution providers, not complainants. It is to nurture entrepreneurs among students. Students are now innovating, building enterprises while in school. It moves education beyond theories and help them develop skills needed to succeed in life,”she stated.

The Minister of Communication and Digital Economy, Dr Bosun Tijani, in his remarks, linked the development and growth of nations to education, science and technology. 

He commended the initiative as one that could take the country to higher heights economically. Prof. Barth Nnaji, a former Minister of Science and Technology, noted that it would take young ones from possible frustration of joblessness after graduation, adding that the number of applications received showed the depth of talents in Nigeria. 

The Resident Representatives of the United Nations Development Programme, Ms Elsie G. Attafuah expressed the readiness of the agency to partner with the country to promote efforts that would empower youths and reduce unemployment. 

One of the beneficiaries, Marvellous Itskor, lauded the FG for supporting the dreams of the beneficiaries and not allowing such to die due to lack of financial support.