By Kingsley Benson
Following the need to ignite innovation and entrepreneurial ambition across Nigerian universities, the federal government has unveiled a N50 million venture capital grant targeting top-performing students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM).
According to the government, the initiative, known as the Student Grant Venture Capital Initiative, aims to support high-achieving undergraduates – particularly from 300 Level and above – who are already running or developing scalable businesses.
The grant is scheduled for rollout between September and October 2025.
The announcement was made in Abuja by Honourable Minister of Education, Dr. Tunji Alausa, during the inauguration of the Research and Innovation Commercialisation Committee (RICC), a new body charged with bridging Nigeria’s longstanding gap between research and industry.
“This is more than a grant – it is a catalyst. As we shift from a resource-based to a knowledge-driven economy, we must unleash the innovation potential sitting in our classrooms and labs,” Dr. Alausa said.
From Research to Revenue
The government said that the venture capital grant is a joint initiative between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BOI), reflecting a new wave of government strategy focused on research commercialisation, intellectual property, and startup incubation.
The RICC, chaired by Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), will be responsible for setting eligibility criteria, evaluating proposals, and nurturing a pipeline of student-led ventures that can move from concept to market.
“Our universities are brimming with ideas that can shape industries. This grant will help turn those ideas into viable enterprises capable of creating jobs, solving local problems, and contributing to national GDP,” Dr. Alausa said.
The Honourable Minister highlighted the alignment of the program with President Bola Tinubu’s Renewed Hope Agenda, particularly its focus on economic diversification through technology, education reform, and youth empowerment.
Institutional Partnerships
The newly inaugurated committee brings together a diverse mix of stakeholders including:
- Federal Ministry of Innovation, Science, and Technology
- Representatives from Nigerian universities
- The Bank of Industry (BoI)
- The Manufacturers Association of Nigeria (MAN)
- TETFund, which will serve as the Secretariat
These bodies will collectively develop frameworks for funding, incubation, innovation policy, and intellectual property protection, ensuring the program is not just a one-off intervention but a sustainable platform for research-driven entrepreneurship.
Speaking at the event, Minister of State for Education, Professor Suwaiba Ahmad, described the grant as a critical step toward unlocking the economic potential of Nigeria’s academic institutions. “Commercialising research is no longer a luxury – it is a necessity. This initiative places universities at the heart of Nigeria’s innovation economy,” she said.
Building a Culture of Innovation
TETFund Executive Secretary, Sonny Echono, called on the RICC to work diligently in ensuring the long-term success of the programme. “The real victory,” he said, “will be in seeing these students become founders, job creators, and problem solvers on a national scale.”
In his acceptance remarks, Dr. Aduloju pledged to build an enabling environment where ideas can thrive, supported by coherent policy, investment, and institutional collaboration. “This is about laying a foundation. If we do this right, we can build an economy where Nigerian innovation competes globally,” he said.
- Participate in international research and academic networks
- Host cross-border degree and certification programs
French Ambassador to Nigeria, Mr Marc Founbaustier, underscored the importance of the initiative as a catalyst for future-ready education. “This is not just about equipment or connectivity. It is a decisive leap toward inclusive, innovative, and globally relevant learning for Nigerian students,” he noted.
