Government selects 65 young inventors for ₦50 million funding award

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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.

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

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

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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.

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“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.

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“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.

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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.

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

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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.

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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.

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

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

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

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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.

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

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