The Federal Government has opened application portal for the N50m student venture capital grant, a new funding window aimed at turning Nigerian students into innovation-driven entrepreneurs.

Known as the Student Venture Capital Grant (S-VCG), the programme offers equity-free financing of up to N50 million for undergraduate innovators in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines.

Unveiled on August 28 in partnership with the Bank of Industry (BOI), the initiative is part of government’s broader drive to reposition the education sector as a hub for technology development, job creation, and globally competitive innovation.

What exactly is the S-VCG?

The Student Venture Capital Grant — formally the Sciences, Technology, Engineering, Mathematics and Medical Sciences Student Venture Capital Grant—is a government-backed investment mechanism targeted at students building high-impact, commercially viable solutions.

It provides equity-free funding (up to N50m per project); incubation and mentorship support; enterprise development resources; and a one-year Google Gemini Pro license for all applicants who complete their submissions.

STEMM fields are typically associated with innovation, research, problem-solving, and high-impact technological or scientific development.

Therefore, the goal is to support student innovators from idea stage to market-ready ventures without requiring them to give up ownership.

Why the grant matters

For decades, Nigerian tertiary institutions have struggled to commercialise research or transform student ideas into viable enterprises. The S-VCG seeks to close this gap by helping students turn research into functional products or startups; strengthening innovation ecosystems in universities, polytechnics, and colleges of education; encouraging entrepreneurship among STEMM undergraduates; supporting solutions to national challenges — healthcare, agriculture, food security, AI, green energy, climate change, and creating new channels for job creation and economic growth, among others.

Tunji Alausa, minister of education said the initiative aligns with the long-term plan to build “a skilled, innovation-driven workforce capable of competing globally.”

Who can apply?

To qualify, an applicant must be a Nigerian undergraduate in an accredited tertiary institution, working on a project in STEMM fields; demonstrate market relevance, commercial potential, and scalability; submit a detailed project proposal, and present valid proof of studentship.

Although the scheme is primarily targeted at 300-level and above, all full-time STEMM undergraduates with viable ideas are eligible.

What kinds of projects are supported?

The programme covers Science, Technology, Engineering, Mathematics, and Medical Sciences — broadly interpreted to include artificial intelligence and machine learning; healthcare innovation and medical devices; biotechnology; renewable and green energy solutions; robotics and advanced manufacturing; data science and automation, as well as environmental and climate-focused technologies.

Projects must demonstrate clear problem-solving potential and commercial pathways.

Beneficiaries will gain up to N50 million equity-free funding; entry into a structured, government-backed incubation programme; mentorship by experts in relevant industries and guidance on business modelling, prototyping, and go-to-market strategy as well. Even non-selected applicants will receive digital tools and premium learning resources to aid continuous development.

According to the promoters, all applicants must upload their student ID card and admission/registration documents; a comprehensive project proposal (problem, solution, methodology, market potential, scalability); details of team members and assigned roles. Applications are to be submitted via: svcg.education.gov.ng

Innovation experts say the initiative is a positive development, though not yet sufficient to meet Nigeria’s needs.

Ogwudu Kingsley, senior manager at Aust Inspire Innovation Hub, praised the scheme as a boost for campus-based entrepreneurship, noting that institutions like the African University of Science and Technology are already nurturing student-led startups.

However, he warned that the proposed funding levels remain inadequate.

“A N50 million grant for Nigerian students in tertiary institutions is like a drop in the ocean. The government should do more.”

Kingsley urged increased funding, tighter monitoring, and suggested that government should allocate a small fraction of tax revenues — “even 0.5%”— to sustain innovation financing across higher institutions. (BusinessDay)