No fewer than 45 students selected from 65 finalists from public and private tertiary institutions across Nigeria have received ₦50 million each as grant under the Federal Government's Student Venture Capital Grant.
The Minister of Education, Tunji Alausa who disclosed this during the unveiling of the initiative on Sunday at the UNDP Innovation Hub, Ikoyi in Lagos State, said the S-VCG was a bold declaration by the Federal Government that the next wave of global innovation would be driven by Nigerian youth.
The programme according to him, represents a major shift in education policy aimed at empowering innovation-driven Nigerian students nationwide, adding that the grant provides equity-free funding, mentorship, incubation, and digital tools.
Alausa reaffirming the government’s commitment to innovation under President Bola Tinubu’s administration, said the beneficiaries would move from ideation to commercialisation, becoming job creators and driving sustainable national economic growth.
"Administered through the Federal Ministry of Education, the S-VCG is designed to identify, nurture and fund student-led startups with the potential to solve real national challenges, from agriculture and healthcare to logistics and fintech".
"Today is not just another programme event. Today, we are activating a new future and a new vision for Nigerian students. Great ideas should not die in classrooms but be nurtured into impactful solutions for our society,” the Minister maintained
Alausa explained that the beneficiaries, who completed a rigorous three-day boot camp and pitched their innovations before industry experts, were selected from over 30,000 applicants across more than 400 tertiary institutions nationwide.
The Minister says the initiative aims to transform tertiary institutions from certification centres into hubs of innovation, entrepreneurship, and economic development.
The programme has so far attracted over 30,000 applications from more than 400 tertiary institutions nationwide, showing strong interest among students across Nigeria’s higher education system.
Graduates will become job creators rather than job seekers,” he said.
The Minister added that the programme would harness Nigeria’s youth for economic transformation through innovation, entrepreneurship, and skills development
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