Govt Rolls Out N50m Equity–free Capital For Student Start–ups

Federal government has launched the Student Venture Capital Grant (SVCG), a new N50 million equity-free funding scheme designed to boost innovation and entrepreneurship across Nigeria’s tertiary institutions.

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

Alausa said the SVCG was conceived to promote creativity, enterprise, and economic independence among students, adding that President Bola Ahmed 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.”

He 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 him, 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 the 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 who are full-time undergraduates in their third year and above, as well as master’s and PhD candidates.

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.

Earlier giving the programme overview, Mr. Adebayo Onigbanjo, National Programme Coordinator, Special Programme Unit of S-VCG, said the programme is designed to ignite student-driven innovation and close the investment gaps that have made venture capitalists hesitant to invest in early-stage university ideas.

According to him, the portal had received 17,914 applications from 402 schools, comprising 346 public and 56 private institutions, noting that over 1,000 applications had actually been submitted.

On her part the former Minister of Power, Prof. Barth Nnaji, whose board awards a $100,000 prize annually for groundbreaking scientific innovation, commended the initiative, noting its alignment with efforts to deepen scientific research and innovation in the country.

“This is how students and their mentors can develop impactful inventions that serve global needs but solve local problems,” he said.