The Federal Government has taken a major step toward promoting youth driven innovation with the launch of the Student Venture Capital Grant initiative disbursing N2.5 billion to support 45 student led businesses across Nigeria.
The programme introduced by the Federal Ministry of Education Nigeria in collaboration with Tertiary Education Trust Fund and United Nations Development Programme is designed to ensure that innovative ideas from students are nurtured into viable enterprises.
Speaking at the launch Minister of Education Tunji Alausa described the initiative as a transformative move to reposition tertiary institutions as hubs of innovation enterprise and global problem solving. He emphasized that the programme aligns with the vision of Bola Ahmed Tinubu to harness the potential of Nigerian youths through education and entrepreneurship.
According to Alausa each selected venture received up to N50 million with the possibility of scaling to N100 million based on performance and measurable impact. He noted that the initiative would enable students to move beyond theoretical learning into practical application creating solutions that contribute to national development.
Also speaking Minister of Communications and Digital Economy Bosun Tijani linked national growth to investments in education science and technology praising the programme as a catalyst for economic advancement.
Former Minister of Science and Technology Barth Nnaji highlighted the initiative’s potential to reduce graduate unemployment by empowering students to become job creators. Similarly Elsie G Attafuah reaffirmed the commitment of the UNDP to supporting youth empowerment and innovation in Nigeria.
The selection process drew over 30000 applications from more than 400 institutions with 45 ventures emerging after rigorous screening and a competitive boot camp.
Beneficiaries expressed optimism that the funding would help transform their ideas into sustainable businesses capable of creating jobs and contributing to economic growth.
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