By Abbas Nazil
Minister of Education Tunji Alausa has called on Nigerian students to urgently apply for the newly launched Students Venture Capital Grant, describing it as a transformative opportunity designed to turn student innovations into profitable startup ventures.
Speaking at the official unveiling of the initiative, Alausa urged students in universities, polytechnics and colleges of education to take immediate action because of the expected competitive application process, stressing that the programme has the potential to produce the next generation of major Nigerian innovators and global entrepreneurs.
He noted that the initiative aligns with President Bola Tinubu’s commitment to equipping young Nigerians with the skills, support and resources needed to shape the nation’s future, adding that the grant focuses solely on scaling student-led innovations rather than funding academic research.
The launch of the Students Venture Capital Grant, which offers equity-free funding of up to N50 million per student-led venture, marks a significant milestone in the government’s push to strengthen youth entrepreneurship in the country.
For many students, the absence of financial support has long been the biggest barrier between an idea and a fully functional business. The federal government hopes the scheme will remove this barrier by providing both financial and developmental support for young innovators seeking to commercialise their creations.
The government has opened the application portal for the programme, which targets innovations across the fields of Science, Technology, Engineering, Mathematics and Medical Sciences (STEMM). It forms part of the Renewed Hope Agenda and is designed to nurture high-impact, commercially viable ventures emerging from Nigeria’s tertiary institutions.
Alausa described the initiative as an equity-free seed investment in Nigeria’s future, stating that the government is searching for the next set of Nigerian unicorns whose origins will be rooted in the country’s universities and colleges. He emphasised that the administration is committed to building an innovation-driven economy led by young Nigerians.
According to the Ministry of Education, the programme—also known as the STEMM Up Grant—is open to full-time undergraduates from 300 level and above across accredited tertiary institutions. Selected applicants will receive mentorship, incubation support, business development services and access to real-world problem-solving tools.
To ensure transparency and accountability, the programme is being implemented in partnership with the Bank of Industry. Applications will undergo automated evaluation using Google’s Gemini AI, and successful applicants will receive a one-year Gemini Pro licence with premium learning resources.
Students and stakeholders have welcomed the initiative enthusiastically. Jibola Ogunjobi, a 200-level Geology student at the University of Ibadan, said the grant will give entrepreneurship-minded students a platform to transform ideas into viable businesses and help bridge funding gaps within tertiary education.
Media and strategy expert Friday Erhabor also described the initiative as timely and beneficial, noting that any financial support that reduces the burden on students is a step toward empowering them to develop solutions to Nigeria’s economic challenges. He however cautioned authorities to ensure that funds are properly managed and do not end up misappropriated.
The grant represents a major shift in government support for student innovators, offering a structured pathway for young Nigerians to establish startups, scale their ideas and contribute to national growth.
