The Federal Government has awarded a total of N2.2 billion to 45 exceptional student-led ventures under the 2026 edition of the Student Venture Capital Grant, S-VCG.
The recipients were selected after a highly competitive process at the programme’s finalists’ bootcamp, where 65 shortlisted teams presented their business ideas before a panel of 12 experts.
At the closing ceremony in Lagos, the Minister of Education, Dr. Tunji Alausa, reiterated the government’s commitment to transforming tertiary institutions into breeding grounds for innovation, entrepreneurship, and practical solutions.
He described the S-VCG as a flagship initiative aligned with President Bola Tinubu’s Renewed Hope Agenda, aimed at helping students convert innovative concepts into sustainable businesses.
According to the minister, each successful venture is eligible for up to N50 million in non-repayable funding, in addition to mentorship, incubation services, and access to modern digital tools.
Alausa also noted the strong nationwide participation in the programme, revealing that more than 30,000 applications were submitted from 404 tertiary institutions, highlighting the growing culture of innovation among Nigerian students.
In his remarks, the Minister of Communications and Digital Economy, Bosun Tijani, applauded the participants for integrating technology into their solutions, stressing its importance in advancing economic growth and national development.
Similarly, Chairman of the Senate Committee on Tertiary Education and TETFund, Senator Muntari Dandutse, underscored the need for continuous investment in youth innovation to boost Nigeria’s knowledge-based economy.
Providing further insight into the initiative, the National Project Coordinator of the Special Programmes Operations and Implementation Unit, Adebayo Onigbanjo, explained that the scheme is structured to equip students with the tools, expertise, and confidence required to build scalable enterprises.
Also, the United Nations Development Programme, UNDP, representative, Elsie G. Attafuah, commended the participants for their creativity and encouraged them to sustain efforts toward developing solutions that support sustainable development goals.
Speaking on behalf of the beneficiaries, Itsuokor Marvellous, developer of Pallo, a B2B codebase scanning platform, expressed gratitude to the Federal Government for the opportunity.
He described the grant as a turning point for the awardees, noting that beyond financial support, it serves as validation of their ideas and potential.
Marvellous added that the backing would enable the beneficiaries to move from prototype stages to fully developed solutions capable of delivering meaningful social and economic impact.
