Students to access up to ₦50m as education Minister unveils new startup grant

The Minister of Education, Tunji Alausa, has unveiled a new government-backed funding scheme that will allow Nigerian students to access up to ₦50 million to grow their business ideas.

The initiative, known as the Student Venture Capital Grant (S-VCG), was launched in Abuja on Monday and forms part of President Bola Tinubu’s Renewed Hope Agenda aimed at driving youth empowerment, innovation, and economic self-reliance.

Alausa said the programme was designed to support student-led innovation by providing substantial funding, mentorship, and a structured incubation process to help young entrepreneurs scale their ventures. He explained that beneficiaries would receive up to ₦50 million in equity-free seed capital, alongside business development support from seasoned entrepreneurs and industry experts.

The minister noted that the grant is open to undergraduates from their third year upward, as well as master’s and PhD students across federal, state, and private tertiary institutions. However, applicants must ensure their businesses are registered with the Corporate Affairs Commission and fall strictly within STEMM disciplines—Science, Technology, Engineering, Mathematics, and Medical Sciences.

The application portal for the S-VCG opened on 17 November 2025, giving students nationwide the opportunity to submit their proposals. Successful candidates will move on to a second stage where they will pitch before a 12-member panel of industry professionals. The portal is scheduled to close on 23 January 2026.