Govt shortlists 65 student innovators for N50m venture capital grant

The federal government has selected 65 student innovators from a total of 30,639 applicants across 404 tertiary institutions nationwide to advance to the final stage of the student venture capital grant (SVCG).

The scheme, introduced in November 2025 in collaboration with the Bank of Industry (BoI), aims to provide up to N50 million in non-dilutive funding to student-led ventures that have reached the commercialisation stage.

In a statement issued on Monday, Folasade Boriowo, director of press and public relations at the federal ministry of education, said the initiative was designed to support young entrepreneurs in scaling their ideas, creating jobs, and boosting the economy.

Boriowo added that the programme is a key initiative of President Bola Tinubu’s administration, noting that the shortlisted candidates are developing solutions in sectors critical to national development.

According to her, Tunji Alausa, minister of education, described the initiative as a deliberate investment in the next generation of innovators and job creators.

She added that the minister expressed optimism about the creativity and ambition demonstrated by the finalists, noting that reaching the final stage marks a significant milestone.

“The minister also stressed that the selection process was rigorous and transparent, adding that the programme is helping to build a pipeline of entrepreneurs who will contribute to Nigeria’s economic growth,” Boriowo said.

She said applications were first subjected to AI-driven screening to determine eligibility and alignment with the programme’s objectives, followed by human review.

“Entries that passed this stage were then evaluated by a panel comprising representatives from government, academia, industry, and the investment community, using criteria such as scalability, feasibility, founder capability, and impact potential,” she added.

“The 65 finalists are expected to participate in an intensive venture development bootcamp between March 26 and 29.

“Activities will include pitch presentations, workshops, live assessments, and investor feedback aimed at strengthening their ventures.

The final grant recipients will be selected based on application scores, bootcamp performance, and recommendations from the evaluation panel.

“The programme will conclude on March 29, 2026, with an awards ceremony where beneficiaries of the N50 million funding will be officially announced.”