The Federal Government has awarded N50 million apiece to 45 student-led teams under the Student Venture Capital Grant (SVCG), aimed at transforming campus innovations into scalable enterprises and driving national economic growth.

Minister of Education, Dr Tunji Alausa, who disclosed this during the award ceremony held at the United Nations Development Programme (UNDP) innovation hub, 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 said that the SVCG 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 help beneficiaries scale their innovations.

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

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 students’ entrepreneurship remains critical to national development.

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

In her remark, 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 to convert ideas into enterprises, enterprises into jobs, and jobs into industries, thereby strengthening Nigeria’s innovation ecosystem and global competitiveness.