Federal Government Rolls Out N50m Equity-free Capital For Student Start-ups

The Federal Government has launched the Student Venture Capital Grant (SVCG), a new N50 million equity-free funding scheme aimed at boosting innovation and entrepreneurship across Nigeria’s tertiary institutions.

Minister of Education, Dr Tunji Alausa, who unveiled the initiative in Abuja on Monday, described it as a bold step towards empowering young innovators and building a robust national innovation ecosystem.

Dr Alausa said the SVCG was conceived to promote creativity, enterprise, and economic independence among students, adding that President Bola Tinubu’s commitment to youth development formed the backbone of the programme.

He said, “We have a president, in the person of President Bola Ahmed Tinubu, who believes so much in education and in our youth.

“As the president would always say, you are the heartbeat of this nation, and he will provide all the resources you need not only to excel but to change the world. And that is why we are here today again.”

Alausa revealed that 250,000 students were targeted in the first cohort, with over 100,000 already enrolled and receiving training in 1,620 centres nationwide.

“It is with immense pleasure and a profound sense of responsibility that I stand before you today to launch another landmark initiative that speaks directly to the future of our nation.

“This programme aims to ignite innovation, strengthen research excellence, and kick-start a vibrant entrepreneurial culture across tertiary institutions.”

According to the minister, the scheme is far more than a grant but a strategic intervention designed to identify groundbreaking ideas from Nigerian campuses and drive a culture of innovation-driven problem-solving.

He emphasised that the initiative aligns with Tinubu’s Renewed Hope Agenda for Education, placing youth at the forefront of building a competitive, innovation-led economy.

The minister said the programme is a collaboration between the Federal Ministry of Education and TETFund, with support from key partners such as the Bank of Industry, Afara Initiative, Centre for Entrepreneurship and Skills Development, AfriLabs, and Google.

Through the scheme, he said eligible students can access up to N50 million in equity-free financing to scale their ventures and beyond funding, beneficiaries will receive incubation support and mentorship from experienced entrepreneurs and industry experts.

The minister added that the grant is open to students in federal, state, and private tertiary institutions full-time undergraduates in their third year and above, as well as master’s and PhD candidates.

In order to qualify, applicants must have registered businesses and projects rooted in STEM and medical sciences.

Dr Alausa also said the government has opened the Tertiary Institution Staff Support Fund (TISSF), an initiative offering interest-free loans of up to N10 million to academic and non-academic staff.

“Payments have been made to almost 4,000 people as I speak today, and we are issuing payments every day of the week,” he added.