The Federal Government has awarded ₦2.2 billion in grants to 45 student-led ventures, marking a significant boost to youth innovation under its entrepreneurship drive.
The grants were announced at the 2026 Student Venture Capital Grant (S-VCG) Finalist Bootcamp, Closing Ceremony and Awards Presentation held at the United Nations Development Programme (UNDP) office in Ikoyi, Lagos. The winners emerged after a rigorous selection process involving 65 finalists and assessment by a 12-member expert panel.
Delivering the keynote address, Minister of Education, Moruf Tunji Alausa, said the initiative underscores the government’s commitment to transforming tertiary institutions into centres of innovation, entrepreneurship and practical problem-solving.
He described the S-VCG programme as a key pillar of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at enabling students to convert ideas into viable businesses.
Alausa noted that each beneficiary can access up to ₦50 million in equity-free funding, alongside mentorship, incubation support and digital tools. He added that the programme attracted more than 30,000 applications from 404 tertiary institutions nationwide, reflecting the growing culture of innovation among Nigerian youth.
Minister of Communications and Digital Economy, Bosun Tijani, commended participants for leveraging technology to develop solutions to real-world challenges. He urged them to build scalable, tech-driven ventures capable of contributing to national development.
Also speaking, Minister of State for Education, Suwaiba Sa’id Ahmad, praised the finalists’ resilience and creativity, noting that initiatives like S-VCG are critical to nurturing problem-solving skills and fostering an entrepreneurial mindset among students.
Chairman of the Senate Committee on Tertiary Education and TETFund, Senator Muntari Dandutse, called for sustained investment in youth innovation to strengthen Nigeria’s knowledge-based economy.
Earlier, National Project Coordinator of the Special Programmes Operations and Implementation Unit, Adebayo Onigbanjo, outlined the structure and long-term objectives of the programme, stating that it is designed to equip students with the resources and confidence needed to build sustainable ventures.
Participants at the bootcamp described the experience as transformative, citing practical training and collaboration as key to strengthening their entrepreneurial capacity.
In goodwill messages, UNDP Resident Representative Elsie G. Attafuah and former Minister of Power, Prof. Bart Nnaji, commended the students’ ingenuity and encouraged continued innovation in support of sustainable development.
The highlight of the event was the formal presentation of grants to the 45 winning ventures by the Minister of Education and other dignitaries.
Speaking on behalf of the beneficiaries, Itsuokor Marvellous, developer of the Pallo B2B Codebase Scanning System, described the grant as a defining moment, noting that it would help transform ideas into practical solutions with real economic impact.
In a vote of thanks delivered on behalf of the Managing Director of the Bank of Industry, Dr Olasupo Olusi, Executive Director, MSME, Oluwatoyin Edu, commended organisers, partners and participants for the successful execution of the programme.
The event highlighted the Federal Government’s broader strategy to harness youth innovation as a driver of economic growth and national development.
