In a bold move to support innovation and academic excellence, the Federal Government of Nigeria has introduced a ₦50 million venture capital grant targeted at outstanding university students in STEMM fields: Science, Technology, Engineering, Mathematics, and Medicine.
The initiative, known as the Student Grant Venture Capital Initiative, aims to empower high-achieving undergraduates, particularly those in their 300-level and above, across Nigerian universities. The grant is set to foster groundbreaking research and encourage student-led innovations that can contribute to national development.
Announcing the initiative in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC), the Minister of Education, Dr. Tunji Alausa, stated that the program will be rolled out between September and October. The funding is being administered through a collaboration between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).
Also Read: Private Universities Should Be Included in TETFund Grants – Dr. Emmanuel Abraham
Dr. Alausa emphasized that the grant is part of President Bola Tinubu’s commitment to building a knowledge-based economy by harnessing the creativity of young Nigerians. He added that the RICC panel, led by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will soon release the eligibility criteria for applicants.
“This initiative will translate academic research into practical, marketable solutions that solve real-world challenges,” Dr. Alausa said. “It will bridge the gap between academia and industry while creating new revenue streams for universities and researchers through intellectual property, patents, and licensing.”
The N50 million grant is seen as a strategic investment in the future of Nigerian education and innovation, with the potential to turn research projects into thriving enterprises, foster university-industry partnerships, and promote financial self-sufficiency among higher institutions.
