The Federal Government has awarded a total of ₦2.2 billion in grants to 45 student-led ventures under the 2026 Student Venture Capital Grant (S-VCG) programme, following a competitive selection process involving tertiary institutions across the country.
The grants were announced at the closing ceremony of the S-VCG Finalist Bootcamp held at the United Nations Development Programme (UNDP) office in Ikoyi, Lagos, where winners were selected from a pool of 65 finalists. According to organisers, the finalists were assessed by a 12-member panel of experts after a nationwide call that attracted over 30,000 applications from 404 institutions.
Minister of Education, Moruf Tunji Alausa, said the initiative is aimed at promoting innovation and entrepreneurship within Nigeria’s higher education system. He noted that the programme is designed to support students in translating ideas into viable businesses.
“The S-VCG initiative is a key driver… designed to empower students to translate ideas into impactful ventures,” the minister said in his keynote address.
According to him, beneficiaries can access up to ₦50 million in equity-free funding, in addition to mentorship and incubation support. The programme is part of broader efforts by the government to encourage practical, skills-based learning and enterprise development among young people.
Nigeria has, in recent years, increased focus on youth-driven innovation, with policymakers emphasising entrepreneurship as a tool to address unemployment and stimulate economic growth. Programmes such as the S-VCG are expected to contribute to building startups capable of addressing local challenges.
Minister of Communications and Digital Economy, Bosun Tijani, commended participants for incorporating technology into their solutions and urged them to build scalable ventures. Similarly, Minister of State for Education, Suwaiba Sa’id Ahmad, described the initiative as a platform for developing problem-solving skills among students.
Also speaking, Chairman of the Senate Committee on Tertiary Education and TETFund, Senator Muntari Dandutse, called for sustained investment in innovation-driven programmes to strengthen the country’s knowledge economy.
Programme coordinator Adebayo Onigbanjo said the initiative is structured to provide students with resources and training needed to build sustainable ventures.
Representatives of participating students said the programme offered practical learning experiences and opportunities for collaboration. Speaking on behalf of the awardees, Itsuokor Marvellous said, “the grant… represents far more than funding, but also a powerful endorsement of their ideas and potential.”
The event also drew participation from development partners, including the UNDP, which reiterated support for youth innovation and sustainable development initiatives.
The S-VCG programme forms part of ongoing efforts to link academic research and entrepreneurship, with the expectation that supported ventures will contribute to job creation and economic development.
