The federal government has released a total of N2.25 billion to 45 students who emerged as finalists in the Student Venture Capital Grant (SVCG) scheme. This initiative is designed to provide student-led innovations with up to N50 million in funding without requiring equity.
These awardees were selected from a pool of over 30,000 applicants across various Nigerian institutions after successfully completing a demanding three- day bootcamp and presenting their innovative ideas to a panel of industry experts.
During the award ceremony at the UNDP Innovation Hub in Ikoyi, Lagos, the Minister of Education, Dr. Tunji Alausa, highlighted that the programme signifies a significant evolution in Nigeria's educational policy. The goal is to reposition tertiary institutions from mere places for obtaining certificates to vibrant centres for innovation, entrepreneurship, and economic advancement.
He described the initiative as a game-changer set to unleash the innovative capabilities of Nigerian students, enabling them to become job creators rather than job seekers.
Dr. Alausa stated, "Today marks the activation of a new future and vision for Nigerian students. For too long, our tertiary institutions have been viewed primarily as institutions for awarding degrees. It is imperative that they now evolve into dynamic centres of innovation and catalysts for enterprise."
He further explained that under this programme, selected student innovators would receive non-equity funding, comprehensive incubation support, mentorship, and access to digital resources to help them scale their ventures.
The programme garnered an impressive response, with more than 30,000 applications submitted from over 400 tertiary institutions nationwide, underscoring the wealth of innovative thinking among Nigerian students.
"We received over 30,000 applications from more than 400 tertiary institutions. Nigeria is not short of ideas; what has been missing is structured support. The Student Venture Capital Grant is now filling that void," he commented.
The minister indicated that this initiative is intended to guide students from the initial stages of ideation through to commercialisation, transforming campus-based innovations into scalable businesses that can contribute to national economic growth.
He added that the beneficiaries would not only develop solutions to pressing societal issues but also play a role in generating employment and strengthening Nigeria's innovation ecosystem.
"Through innovation and entrepreneurial skills, our graduates will transition from seeking employment to creating it. This is the path to harnessing Nigeria's young population and transforming it into a robust human capital resource," he asserted.
Dr. Alausa further elaborated that the programme was conceived as a national effort to support the incubation of student-generated ideas into tangible products and services with practical societal impact.
He expressed gratitude to development partners, including the United Nations Development Programme, Google, and the Bank of Industry (BoI), for their contributions to the initiative.
He encouraged students across the country to seize this opportunity, noting that many globally successful companies originated from ideas conceived within academic environments.
The minister concluded that the initiative aims to cultivate a pipeline of young entrepreneurs, establish Nigeria as a centre for innovation, and direct the energy of its youth towards sustainable economic progress.
In his address, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, emphasised the need for Nigerian universities to move beyond traditional teaching methods and become key drivers of innovation and national development.
He remarked that no nation can achieve significant productivity and prosperity without a university system dedicated to generating novel ideas and solutions for societal advancement, pointing out that countries leading in science and technology are typically the most prosperous.
"There is genuinely no nation that is productive, progressive, and prosperous without a university or academic sector that comprehends its role. It transcends mere teaching; it involves imparting new thinking, fresh ideas, and innovations that propel society forward," he explained.
Mr. Tijani commended the Federal Ministry of Education for championing initiatives that foster entrepreneurship and innovation within tertiary institutions, viewing them as a crucial shift from purely academic instruction to practical problem-solving.
He advised students to concentrate on developing sustainable solutions rather than pursuing awards, cautioning them against becoming "prize-per-year entrepreneurs" who are more focused on competitions than establishing viable businesses.
He recommended that participants remain dedicated to their concepts, make effective use of available information, and embrace gradual but consistent growth.
"Embrace the principle of compounding. Undertake small actions that accumulate over time, ultimately leading to the significant outcome you desire," he added.
The minister also urged young innovators to build businesses that offer genuine value to society, noting that long-term sustainability is contingent on societal impact. While praising the government's efforts, he challenged participants to support fellow innovators as they achieve success, highlighting the importance of inclusive innovation for national progress.
Speaking at the event, the Minister of State for Education, Prof. Suwaiba Said Ahmad, identified student entrepreneurship as a vital national strategy for job creation, fostering innovation, and ensuring sustainable economic growth.
She stated that entrepreneurship programmes within tertiary institutions are crucial for empowering students to become job creators capable of addressing societal challenges, rather than solely job seekers.
She observed that the boot camp represented not just the conclusion of an intensive training period but the commencement of a new phase for young innovators, equipping them with creativity, perseverance, and problem-solving capabilities.
Prof. Ahmad stressed that academic knowledge alone is no longer adequate, calling on institutions to enable students to transform their ideas into functional enterprises.
She explained that student entrepreneurship represents a critical intersection of knowledge and practical application, moving education beyond theoretical concepts to real-world problem-solving. She noted that an increasing number of students are actively innovating and establishing businesses while still enrolled in their studies, a trend she deems essential for a dynamic economy.
She further noted that entrepreneurship initiatives help students cultivate vital skills such as creativity, resilience, teamwork, and leadership, which are fundamental for both business success and personal development.
Student-led businesses, she posited, can significantly contribute to job creation, stimulate innovation, and support economic diversification across various sectors like agriculture, technology, healthcare, and the creative industries.
Funmi Ogundare
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