FG opens portal for N50m students’ venture capital grant

The federal government has officially opened the application portal for the Students’ Venture Capital Grant (S-VCG), aimed at transforming student-driven ideas into commercially viable, high-impact ventures. Minister of Education Tunji Alausa said S-VCG formed a central pillar of the Renewed Hope Agenda, according to a statement on Monday by the ministry’s spokesperson, Folasade Boriowo. Mr Alausa underscored the national importance of the initiative, noting that it was designed to cultivate a new generation of Nigerian innovation entrepreneurs capable of redefining the nation’s economic future.

“The president had challenged us to look for the next moonshot within our tertiary institutions. We are not just looking for projects; we are scouting for future Nigerian unicorns whose roots will be planted right here in our universities and colleges. This is an equity-free seed investment in Nigeria’s future,” he said. Mr Alausa said the scheme offered up to N50 million in equity-free grants to student founders with innovations in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM) fields. He said that successful applicants would also be absorbed into a comprehensive support ecosystem that includes intensive incubation programmes. Others are expert mentorship from seasoned entrepreneurs and industry leaders and full access to tools, platforms, and resources required to develop and scale their startups.

“This strategic structure ensures that funded ventures are not only launched but are supported to successfully transition into market-ready enterprises,” the minister said. Mr Alausa stated that the ministry is partnering with Google to integrate advanced technology into the S-VCG application and evaluation process, positioning Nigerian students at the forefront of global innovation.
“Through this partnership, Google’s Gemini AI powers custom-built ‘evaluation agents’ embedded directly into the application portal to ensure fair, intelligent, and efficient review of submissions.

Additionally, every applicant who successfully submits a business project or innovation will receive a one-year free Google Gemini Pro license, along with premium learning resources aimed at strengthening their entrepreneurial and technical capabilities,” the minister said. He added that the partnership was to ensure that students begin their entrepreneurial journey with the very best tools available globally. Mr Alausa urged all eligible Nigerian students enrolled in accredited tertiary institutions to apply via the official application portal.