The Federal Government says it is ramping up efforts to strengthen Nigeria’s innovation ecosystem with the disbursement of ₦2.5 billion in grants to 45 student-led ventures under the 2026 Student Venture Capital Grant (S-VCG) Bootcamp and Awards held in Lagos.
Each beneficiary received ₦50 million in equity-free funding, alongside access to mentorship, incubation support, and digital tools aimed at scaling early-stage ventures. The winners were drawn from federal, state, and private universities, with the majority coming from public institutions.
The programme, hosted at the United Nations Development Programme Innovation Hub, brought together 65 finalists selected from more than 30,000 applications across 404 tertiary institutions, underscoring the scale of youth-driven innovation emerging from Nigeria’s academic sector.
Nigeria’s startup ecosystem has expanded significantly in recent years, driven by rising internet penetration, a youthful population, and growing interest in digital entrepreneurship. However, access to early-stage funding remains a critical barrier for many young founders. Governmetn says the S-VCG initiative is designed to address this gap by combining capital with technical support, mentorship, and incubation, key enablers required to transform ideas into scalable technology solutions.
Speaking at the event, Tunji Alausa, Minister of Education, says the initiative aligns with the Federal Government’s broader push to reposition tertiary institutions as engines of innovation and technology-driven development under the Renewed Hope Agenda.
He describes the programme as a strategic investment in Nigeria’s next generation of tech-enabled entrepreneurs.
“What began with over 30,000 applications from 404 tertiary institutions came down to 65 finalists, and today 45 innovators have emerged as winners, representing institutions across Nigeria,” the Minister says.
The Ministry also highlights the growing role of structured innovation pipelines within universities, pointing to the Entrepreneurship, Innovation and Business Incubation Certification (EIBIC) programme as a key pathway for nurturing student founders.
“A moment that stood out for me was seeing eight winners from the University of Lagos, many of whom came through our EIBIC programme—a tested pathway we are building to move students from ideas to real ventures,” Alausa adds, noting that the vision is not only to teach entrepreneurship but to develop founders, innovators, and builders.
Beyond funding, stakeholders at the event emphasise the need for sustained investment and cross-sector partnerships to scale Nigeria’s startup ecosystem. Development partners and innovation advocates call for continued support to ensure that student-led ideas transition into viable, market-ready solutions.
The Federal Ministry of Education says the S-VCG forms part of a long-term strategy to build a robust pipeline of innovators capable of driving economic growth, job creation, and digital transformation across Nigeria.
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