By Omowunmi Sanni

The Federal Government has awarded ₦50 million each to 45 student-led teams under the Student Venture Capital Grant (S-VCG), aimed at transforming campus innovations into scalable enterprises and driving national economic growth.

Speaking at the awards ceremony held at the the United Nations Development Programme,(UNDP) innovation hub, the Minister of Education, Dr Tunji Alausa, described the initiative as a bold step towards repositioning Nigeria’s tertiary institutions as centres of innovation, entrepreneurship and global solutions.

Alausa noted that the programme marks a major turning point in Nigeria’s education and human capital development, stressing that the government is shifting focus from certification-based learning to innovation-driven education.

“For too long, our tertiary institutions have been seen primarily as centres for certification. Our institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions,” he said.
He explained that the Student Venture Capital Grant was designed to unlock the innovative potential of Nigerian students and transform ideas developed within campuses into viable enterprises capable of addressing societal challenges.

According to him, the initiative attracted over 30,000 applications from more than 400 tertiary institutions across the country, demonstrating the abundance of innovative ideas among Nigerian students.

He added that the programme provides not only funding but also structured incubation, mentorship, and access to cutting-edge digital tools to support beneficiaries in scaling their innovations.

“This is not just funding. This is confidence in the Nigerian student. Our graduates will become job creators rather than job seekers,” Alausa stated.

The Minister further explained that the initiative aligns with the Federal Government’s broader vision of leveraging Nigeria’s youthful population to drive economic transformation and sustainable development.

Also speaking, the Minister of State for Education, Prof.Suwaiba Sa’id Ahmad said the programme reflects the government’s commitment to nurturing entrepreneurship within the education system.

She congratulated the finalists for demonstrating creativity, resilience, and problem-solving abilities, noting that student entrepreneurship remains critical to national development.

“It is not enough for students to acquire academic knowledge. They must also be empowered to translate ideas into viable enterprises that create value, generate employment and address societal challenges,” she said.

She emphasised that student-led innovations can grow into enterprises capable of employing hundreds of people, while also promoting innovation and economic diversification.

In her remarks, the Resident Representative of UNDP, Elsie Attafuah commended the Federal Ministry of Education for initiating the programme, describing it as a strategic national system designed to connect education, research, innovation and investment.

She noted that the initiative goes beyond funding, integrating rigorous selection, structured incubation, mentorship and access to digital tools to ensure sustainability and growth of student ventures.

According to her,the programme will help convert ideas into enterprises, enterprises into jobs, and jobs into industries, thereby strengthening Nigeria’s innovation ecosystem and global competitiveness.

The ceremony marked the final stage of the programme, where 65 finalists who completed a three-day bootcamp presented their innovations before a panel of industry experts, with 45 teams emerging as beneficiaries of the ₦50 million grant each.