FG shortlists 65 student innovators for venture capital grant

The federal government has shortlisted 65 student innovators from 30,639 applicants for the final stage of the Student Venture Capital Grant.

According to a government statement, the applicants were drawn from 404 tertiary institutions across the country, reflecting the innovation and entrepreneurial potential within Nigeria’s university system.

Education minister Tunji Alausa described the initiative as a strategic investment in developing future innovators and job creators.

Mr Alausa said the performance of the shortlisted candidates demonstrated creativity and ambition, adding that the programme would strengthen a pipeline of entrepreneurs to drive economic growth.

”The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale.

“Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth,” he said.

The minister added that the S-VCG, inaugurated in December 2025 in partnership with the Bank of Industry, provided up to N50 million in equity-free funding.

According to him, the grant supports student-led ventures at the commercialisation stage to scale solutions, create jobs and boost innovation-driven development.

He revealed that the selection followed a multi-stage evaluation process, including AI-based screening and independent human validation to ensure fairness and accuracy.

Mr Alausa also revealed that shortlisted entries were assessed by a committee comprising representatives from government, academia, industry and the investment ecosystem. He listed the evaluation criteria as scalability, feasibility, founder capability, and impact potential.

Mr Alausa further revealed that the finalists would participate in a venture development bootcamp from March 26 to 29, featuring pitch sessions, workshops and investor feedback.

According to him, final grant decisions will depend on application scores, bootcamp performance and committee deliberations.

The minister said beneficiaries would be announced at an awards ceremony scheduled for March 29. 

He added that the initiative underscored the government’s commitment to promoting innovation and supporting student entrepreneurship for national development. NAN