The Federal Government has disbursed N2.25 billion to 45 students across tertiary institutions nationwide under its Student Venture Capital Grant initiative.
The beneficiaries are part of 65 shortlisted student innovators selected for the programme, which is designed to support student led businesses and innovative projects with up to N50 million in equity free funding.
The cheques were presented on Sunday, March 29, 2026, at the UNDP Innovation Hub in Ikoyi, Lagos, by the Minister of Education, Dr Tunji Alausa, alongside the Minister of State for Education, Prof Suwaiba Ahmad.
The University of Lagos emerged as the top beneficiary, with eight of its students each receiving N50 million for their projects.
Other institutions represented among the beneficiaries include the University of Ilorin, Federal University of Technology Minna, Lagos State University and Bayero University Kano.
Most of the funded projects focus on the use of artificial intelligence and technology driven solutions to address societal challenges.
Speaking at the event, Alausa urged tertiary institutions to shift from theory based learning to innovation driven education.
“For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of President Bola Tinubu, we are redefining that narrative.
“Our institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions,” he said.
He noted that the initiative is aimed at unlocking the creative potential of Nigerian students and preventing innovative ideas from being confined to classrooms.
“Now, our students will not only learn, but they will create knowledge. They will move beyond theory and apply critical thinking and research skills to solve real world problems,” he added.
The minister emphasised that the programme would help students transform ideas into scalable ventures that contribute to economic growth and national development.
“With the right support, our graduates will become job creators rather than job seekers. This is key to harnessing Nigeria’s youthful population and building a future ready workforce,” he said.
He also encouraged beneficiaries to prioritise impact driven projects rather than focusing solely on profit.
“This initiative is not just about individual success. It is about national transformation and positioning Nigeria as a hub for innovation and technology driven growth,” Alausa stated.
The minister revealed that more than 30,000 students applied for the programme, adding that the government may increase funding if the first batch of projects delivers measurable impact.
Also speaking, the Minister of Communications and Digital Economy, Bosun Tijani, urged the students to remain committed to their ideas despite challenges, stressing the importance of persistence in innovation.
Chairman of the Senate Committee on Tertiary Institutions and TETFund, Muntari Dandutse, highlighted the need to bridge the gap between theory and practical application, noting that initiatives like the grant scheme promote entrepreneurship and scalable business development.
National Programme Coordinator, Adebayo Adebajo, said the government is targeting up to 200,000 applications in the next phase of the programme.
