The Federal Government has advanced 65 student innovators to the final phase of its Student Venture Capital Grant programme, selecting them from a massive pool of 30,639 applicants drawn from 404 tertiary institutions across the country.
This development was announced on Monday in a statement by the Director of Press and Public Relations at the Federal Ministry of Education, Folasade Boriowo.
According to the ministry, the finalists are working on innovative solutions spanning critical sectors essential to Nigeria’s economic and social development.
The initiative, introduced as a flagship programme under President Bola Tinubu’s administration, is designed to nurture innovation and strengthen entrepreneurial capacity among young Nigerians.
It specifically targets student-led ventures with strong prospects for growth, scalability and real-world impact.
A Promising Sign
Minister of Education, Maruf Alausa, described the progress of the selected innovators as a promising sign for the nation’s future.
He noted that reaching this stage reflects not only the quality of ideas submitted but also the determination of the young founders behind them.
He added that the programme is building a pipeline of forward-thinking entrepreneurs who can contribute meaningfully to national development.
Launched in December 2025 in collaboration with the Bank of Industry, the Student Venture Capital Grant offers up to ₦50 million in non-dilutive funding to ventures that have already reached the commercialisation stage.
The goal is to enable these startups to expand operations, generate employment and support broader economic growth.
The ministry explained that the selection process was rigorous and multi-layered to ensure fairness and merit.
Screening Process
Applications first underwent AI-driven screening to determine eligibility and alignment with the programme’s objectives.
This was followed by manual verification and a detailed evaluation by a panel made up of experts from government, academia, industry and the investment ecosystem.
Entries were assessed based on criteria such as feasibility, scalability, founder capability and potential impact.
The 65 finalists will now take part in an intensive venture development bootcamp scheduled to run from March 26 to March 29, 2026.
During the programme, participants will engage in pitch sessions, practical workshops and live assessments, receiving feedback similar to what they would encounter from professional investors.
Final grant recipients will be determined based on their overall application scores, performance during the bootcamp and recommendations from the evaluation panel.
The programme will conclude with an awards ceremony on March 29, 2026, where the successful ventures will be officially unveiled as beneficiaries of the funding.
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According to the ministry, the initiative reflects the government’s broader commitment to empowering student entrepreneurs, encouraging innovation and supporting the creation of scalable businesses capable of driving Nigeria’s long-term economic transformation.