ABUJA – In a major push to foster youth entrepreneurship, the Federal Government has unveiled a N50 million Student Grant Venture Capital Initiative to support scalable student-led businesses across Nigerian universities.
Education Minister Dr. Tunji Alausa announced the scheme on Wednesday during the inauguration of the Research and Innovation Commercialisation Committee (RICC), emphasizing its role in bridging the gap between academia and industry.
Key Details of the Initiative
Target Beneficiaries:
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300-level+ undergraduates with market-ready innovations.
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Startups with proven business models seeking expansion capital.
Focus Areas:
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Converting student research into commercial products/services.
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Boosting globally competitive enterprises from Nigerian campuses.
Partnerships:
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TETFund (Anchor)
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Bank of India (Funding/Technical Support)
Why This Matters
Economic Shift: Aligns with Tinubu’s plan to transition Nigeria to a knowledge-driven economy.
Untapped Potential: Harnesses student innovations often “stuck in labs” due to lack of funding.
Global Competitiveness: Prepares Nigerian startups to compete internationally.
Quote from Dr. Alausa:
“We have thousands of young geniuses in our institutions. This fund will unlock their potential.”
Committee’s Mandate
Chaired by Dr. Tayo Aduloju, the RICC will:
Identify and mentor high-potential student ventures.
Fast-track commercialization of research breakthroughs.
Address Nigeria’s low research investment-to-GDP ratio (currently below peer nations).
Minister of State Prof. Suwaiba Ahmad added:
“Research must solve real problems, not just aid academic promotions.”
Student Reactions & Expectations
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Tech Innovators: Hope for grants to scale AI/clean energy solutions.
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Agripreneurs: Seek funding for farm-tech prototypes.
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Concerns: Transparency in fund disbursement and long-term sustainability.
What’s Next?
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Application portal to open by Q4 2025.
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Pilot phase will cover 10 federal universities.
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Expansion to all 300+ tertiary institutions by 2026.
