The Federal Government has shortlisted 65 student innovators from a total of 30,639 applicants for the final stage of the Student Venture Capital Grant (S-VCG).
This is contained in a statement issued by the Director of Press and Public Relations, Federal Ministry of Education, Folasade Boriowo.
Boriowo said the applicants were drawn from 404 tertiary institutions nationwide, reflecting the depth of innovation and entrepreneurial potential within Nigeria’s university system.
She quoted the Minister of Education, Dr. Tunji Alausa, as describing the initiative as a strategic investment aimed at nurturing future innovators and job creators.
According to Alausa, the performance of the shortlisted candidates highlights creativity and ambition, adding that the programme is designed to build a pipeline of entrepreneurs to drive economic growth.
“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale,” he said.
The minister noted that the S-VCG, inaugurated in December 2025 in partnership with the Bank of Industry, offers up to N50 million in equity-free funding to support student-led ventures at the commercialisation stage.
He explained that the grant is aimed at helping young innovators scale their solutions, create jobs and promote innovation-driven development.
Alausa further disclosed that the selection process involved multiple stages, including AI-based screening and independent human validation to ensure fairness and accuracy.
He added that shortlisted entries were evaluated by a committee comprising representatives from government, academia, industry and the investment ecosystem, using criteria such as scalability, feasibility, founder capability and impact potential.
The minister also revealed that the finalists would participate in a venture development bootcamp scheduled for March 26 to March 29, featuring pitch sessions, workshops and investor feedback.
He said final grant decisions would be based on application scores, bootcamp performance and committee deliberations, while successful beneficiaries would be announced at an awards ceremony on March 29.
Alausa added that the initiative underscores the government’s commitment to promoting innovation and supporting student entrepreneurship for national development.
