The Nigerian government has announced a N50 million venture capital grant aimed at outstanding students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) fields across Nigerian universities.

The Initiative, called the Student Grant Venture Capital Initiative, targets high-achieving students from the 300 Level and above to support scaling up their new or existing businesses. The grant will be rolled out between September and October 2025.

Speaking at the inauguration of the Research and Innovation Commercialisation Committee (RICC) in Abuja, Minister of Education Dr. Tunji Alausa revealed that the fund is established through the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of Industry (BoI).

Dr. Alausa said the committee, chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will set eligibility criteria and drive the commercialisation of research outputs to foster collaboration between academia and industry.

“As we transition from a resource-based to a knowledge-based economy, we must unleash the innate capabilities of our students,” Alausa said. “This grant will help tens of thousands of students with innovative ideas and businesses to scale up for national development.”

The Minister emphasised the importance of translating research into market-ready products and services, highlighting that this initiative aligns with President Bola Tinubu’s vision to boost research, innovation, and economic growth.

The committee’s role includes bridging the research-to-market gap, establishing frameworks for funding and incubation, promoting policy support for innovation financing and intellectual property rights, and fostering partnerships between researchers and industry players.

Minister of State for Education, Prof. Suwaiba Ahmad, lauded the initiative as a critical step toward promoting research commercialisation in Nigerian universities. TETFund Executive Secretary Sonny Echono urged the committee to ensure the success of the program.

Dr. Tayo Aduloju, in his acceptance speech, pledged to work diligently in creating a conducive environment for innovation and commercialisation to thrive in Nigeria.

The committee comprises representatives from the Federal Ministry of Innovation, Science and Technology, Nigerian universities, the Bank of Industry, the Manufacturers Association of Nigeria (MAN), and others, with TETFund serving as Secretariat. (The Guardian)