Government selects 65 young inventors for ₦50 million funding award

The Federal Government has shortlisted 65 student innovators from a pool of 30,639 applicants across 404 tertiary institutions nationwide for the final stage of the Student Venture Capital Grant, a flagship initiative of President Bola Tinubu aimed at boosting innovation and entrepreneurship among young Nigerians.

The announcement was contained in a statement signed by the Director, Press and Public Relations, Federal Ministry of Education, Folasade Boriowo, on Monday.

According to the statement, the selected students are developing solutions across sectors considered critical to national development.

Speaking on the development, the Minister of Education, Maruf Alausa, described the programme as a strategic investment in the country’s future innovators and job creators.

“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale.

“Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth,” the minister said in the statement.

The SVCG, launched in December 2025 in partnership with the Bank of Industry, offers up to N50m in equity-free funding to student-led ventures that have reached the commercialisation stage.

The initiative is designed to help young entrepreneurs scale their innovations, generate employment and contribute to economic growth.

According to the ministry, the selection process involved multiple stages to ensure transparency and merit. Applications were first subjected to AI-enabled screening to assess eligibility and alignment with programme objectives, followed by human validation.

Shortlisted entries were then evaluated by a committee comprising representatives from government, academia, industry and the investment community, using criteria such as scalability, feasibility, founder capability and impact potential.

The 65 finalists are expected to participate in an intensive venture development bootcamp scheduled for March 26 to 29, 2026.

The programme will include pitch sessions, workshops, live evaluations and investor-style feedback aimed at strengthening the ventures.

Final decisions on grant recipients will be based on application scores, bootcamp performance and the recommendations of the evaluation committee.

The initiative will conclude with the Student Venture Capital Grant Beneficiary Awards Day on March 29, 2026, where successful recipients of the N50m funding will be formally announced.

The ministry said the programme reflects its commitment to fostering innovation, supporting student entrepreneurs and building scalable ventures capable of transforming Nigeria’s economy.