The Federal Government has opened the application portal for the newly launched ₦50 million Student Venture Capital Fund, a flagship initiative designed to turn student-driven ideas into commercially viable, high-impact ventures.

The scheme offers equity-free grants of up to ₦50 million to students with innovations in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM).

In a statement on Monday, Director of Press and Public Relations at the Federal Ministry of Education, Folasade Boriowo, said successful applicants would also benefit from a comprehensive support ecosystem.

According to her, the programme includes expert mentorship from seasoned entrepreneurs and industry leaders, as well as full access to tools, platforms and resources required to develop and scale their startups.
“Nigerian students enrolled in accredited tertiary institutions are encouraged to apply for this unprecedented opportunity. The official application portal is now open at svcg.education.gov.ng,” the statement said.

The government also announced a strategic partnership with Google to give successful applicants a global advantage.
“To position Nigerian students at the forefront of global innovation, the Ministry is partnering with Google to integrate advanced technology into the S-VCG application and evaluation process.
“Through this partnership, Google’s Gemini AI powers custom-built evaluation agents embedded directly into the application portal to ensure fair, intelligent and efficient review of submissions.”

It further noted that every applicant who successfully submits a business project or innovation would receive a one-year free Google Gemini Pro licence, along with premium learning resources to strengthen their entrepreneurial and technical expertise.

According to the Ministry, one of the major goals of the partnership is to ensure that Nigerian students begin their entrepreneurial journey “with the very best tools available globally,” as the government builds “a powerful innovation funnel from idea to market domination.”

In September 2024, the National Centre for Artificial Intelligence and Robotics (NCAIR), has launched a N100 million AI Fund aimed at supporting Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions.

The initiative, backed by tech giant Google, is part of the Ministry of Communications, Innovation & Digital Economy’s strategic programs to harness the potential of AI for development, innovation, and well-being in Nigeria.

NCAIR said the AI Fund would be open to Nigerian-based startups focused on AI-driven technology solutions with significant impact potential.

Selected startups will receive up to N10 million in funding, along with access to Google’s extensive resources, including AI tools, mentorship, and a global network designed to help them scale their innovations, NCAIR said.