The Federal Government has given out N2.25 billion to 45 student innovators selected from tertiary institutions across the country.
Presented in Lagos at the UNDP Innovation Hub in Ikoyi, where officials handed cheques to the beneficiaries on Sunday, the funding falls under the Student Venture Capital Grant (SVCG), a scheme designed to back student-led businesses with equity-free funding.
The 45 winners emerged from a shortlist of 65 finalists who had earlier taken part in a three-week bootcamp. In total, more than 30,000 students from over 400 institutions applied in the first round.
Each beneficiary can access up to N50 million without giving up ownership of their ideas. Beyond the money, the programme also provides mentorship, incubation support and tools to help validate and grow early-stage ventures.
The University of Lagos produced the highest number of winners, with eight students receiving N50 million each. Others came from the University of Ilorin, the Federal University of Technology, Minna, Lagos State University and Bayero University, Kano.
Most of the selected projects are built around artificial intelligence and other emerging technologies. They are aimed at solving problems in areas such as health, education and access to services.
Minister of Education, Tunji Alausa, used the event to push for a change in how universities operate. He said institutions must move beyond theory and focus on practical innovation.
He said, “For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of President Bola Tinubu, we are redefining that narrative.
“Our institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions.”
He also made it known that the programme is meant to unlock ideas that often remain unused in classrooms.
“Now, our students will not only learn, but they will create knowledge. Now, students will not only acquire theoretical understanding, but they will also operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.
“Not only will they create new solutions, but through upscaling and commercialisation, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.”
Alausa urged students to think beyond profit in the early stages and focus on building solutions that matter.
“This initiative is not only about individual success, it is about national transformation.
“The SVCG scheme will strengthen Nigeria’s innovation ecosystem across universities, polytechnics and colleges of education, build a pipeline of young entrepreneurs and job creators.
“It will also position Nigeria as a hub for deep-tech and innovation-driven growth. This is how nations rise, not by consuming ideas, but by creating them.”
He added that the government may increase funding in future rounds if the first set of projects delivers measurable results.
Minister of Communications and Digital Economy, Bosun Tijani, told the students to stay committed to their ideas, even when things go wrong. He urged them to keep improving their work and build solutions that can scale.
Chairman of the Senate Committee on Tertiary Institutions and TETFund, Muntari Dandutse, also spoke on the need to connect classroom learning with real-world application.
He said the Senate supports programmes that encourage entrepreneurship and practical skills.
Programme coordinator, Adebayo Adebajo, said the next phase will be much bigger. According to him, the government is targeting up to 200,000 applications.
The SVCG scheme is part of a plan to turn Nigerian campuses into centres of innovation. It also aligns with initiatives to build a steady pipeline of young entrepreneurs and support the growth of technology-driven businesses across the country.
