FG Launches ₦50m Student Venture Capital Grant to Boost Innovation in Tertiary Institutions

The Federal Government has officially opened applications for the Student Venture Capital Grant, a new national program offering equity-free grants of up to ₦50 million to support student-led innovations.

Announcing the initiative in a statement signed by Boriowo Folasade, Director of Press and Public Relations, the Federal Ministry of Education emphasized the grant’s role in fostering innovation. Speaking at the launch, Minister of Education Tunji Alausa highlighted the government’s goal of discovering the next “Moonshot” within Nigeria’s universities and colleges, aiming to cultivate future Nigerian unicorns. “This is an equity-free seed investment in Nigeria’s future,” he said.

The program targets students developing innovations in STEMM—Science, Technology, Engineering, Mathematics, and Medical Sciences. It is designed to support ventures addressing real-world challenges with strong potential for scaling and commercialization. Successful applicants will gain access to incubation, mentorship, and essential tools to help bring their ideas to market.

In partnership with Google, the ministry announced that the program will use Google’s Gemini AI to automate application evaluations. Each applicant will receive a free one-year Gemini Pro license and premium learning resources. Students from accredited tertiary institutions are encouraged to apply via svcg.education.gov.ng, submitting proposals that showcase scalability, market relevance, and potential to address critical national or global challenges.