FG to unveil N50m STEMM grant for student innovation

By Mariam Abeeb

The Federal Government has announced plans to unveil a N50 million Student Venture Capital Grant (S-VCG) to support innovation, entrepreneurship, and economic development among Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM) students.

This is contained in a statement issued on Friday in Abuja by Mrs Folasade Boriowo, Director of Press and Public Relations, Federal Ministry of Education.

According to the statement, the initiative will be formally unveiled in Aug. by the Minister of Education, Dr Tunji Alausa.

Boriowo said the S-VCG was designed to empower full-time undergraduate students in tertiary institutions, especially those in 300 level and above to build scalable, job-creating ventures.

Quoting the minister during a recent stakeholders’ engagement, she said the grant represents a strategic investment in Nigeria’s knowledge economy.

“S-VCG is not just a grant. It’s a launch pad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” Alausa said.

He added that the initiative aims to equip students with tools to develop practical solutions across sectors such as technology, medicine, agriculture, and green energy.

Each selected student-led project will be eligible to receive startup funding of up to N50 million, alongside access to mentorship, incubation services, and business development support.

The programme will be implemented in partnership with the Bank of Industry (BOI) to ensure transparency, impact assessment, and effective project delivery.

Alausa noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises inclusive education, youth empowerment, and sustainable development.

The ministry reaffirmed its commitment to ensuring inclusive rollout and rigorous monitoring to guarantee measurable and lasting impact across Nigeria’s higher education institutions.