Innovation : FG Launches N50m Students Venture Capital Grant

In a bid to promote innovation, entrepreneurship, and economic independence among students of tertiary institutions, the federal government has launched a 50 million naira Student’s Venture Capital Grant, SVCG to boost student driven innovation projects.

The equity free grant is targeted at students with innovative creativity in Science, Technology, Engineering, Mathematics and Medical Sciences,(STEM), jointly implemented by the Federal Ministry of Education, TETFUND and Development partners.

At the launch in Abuja, the Minister of Education, Dr Tunji Alausa explained that the initiative is open for undergraduates, Masters and doctorate degree students.

He described the scheme as a strategic national investment targeted at young innovators that aligns with President Bola Tinubu’s Renewed Hope Agenda for Education.

“The S-VCG is structured to identify exceptional talent, give them a fair and credible opportunity to succeed, and inspire thousands of others to believe in their capacity to innovate.

“We know that many successful founders did not thrive on their first attempt, but their journey began with a spark.

“This programme exists to light that spark, build a new culture of confidence, and showcase to the world the depth of Nigerian ingenuity.

The National Programme Coordinator, Special programme Unit of SVCG, Mr Adebayo Onigbanjo, highlighted the objectives of the initiative and gave insights to how students can apply for the grant while assuring an effective and transparent process.

Onigbanjo said it was also designed to close the investment gaps that have made venture capitalists hesitant to invest in early-stage university ideas.

The Portal, which was opened last month, has so far received 17,914 applications from both public and private tertiary institutions with over 1000 applications successful.

The application portal will close in January next year, and the evaluation process will commence immediately.

Nkiruka Okeke, Edited By Grace Namiji