The Federal Government has unveiled a ₦2.2 billion funding boost for student-led enterprises, awarding grants to 45 outstanding ventures at the 2026 Student Venture Capital Grant (S-VCG) Finalist Bootcamp and Awards Ceremony in Lagos.
The event, held at the United Nations Development Programme (UNDP) office in Ikoyi, marked the culmination of a rigorous selection process that saw 45 winners emerge from 65 finalists, following detailed evaluation by a 12-member panel of experts.
Speaking at the ceremony, the Minister of Education, Moruf Tunji Alausa, reaffirmed the Federal Government’s commitment to transforming tertiary institutions into centres of innovation and entrepreneurship. He described the S-VCG initiative as a strategic component of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at empowering students to develop viable, real-world solutions.
Alausa disclosed that beneficiaries could access up to ₦50 million in equity-free funding, alongside mentorship, incubation support, and digital tools to scale their ventures. He also revealed that the programme attracted over 30,000 applications from 404 tertiary institutions nationwide, reflecting the growing innovation capacity among Nigerian youths.
Also addressing participants, the Minister of Communications and Digital Economy, Bosun Tijani, commended the students for leveraging technology to address societal challenges. He stressed the importance of building scalable, tech-driven solutions to drive national development.
In her remarks, the Minister of State for Education, Suwaiba Sa’id Ahmad, applauded the finalists for their creativity and resilience, noting that initiatives like the S-VCG are vital for fostering innovation and strengthening problem-solving skills among students.
Chairman of the Senate Committee on Tertiary Education and TETFund, Muntari Dandutse, called for sustained investment in youth-driven innovation to support Nigeria’s knowledge economy.
Providing an overview of the programme, National Project Coordinator, Adebayo Onigbanjo, explained that the initiative is designed to equip students with the resources and confidence needed to build sustainable and scalable businesses.
Goodwill messages were delivered by key stakeholders, including Elsie G. Attafuah of the United Nations Development Programme, who praised the participants’ innovative ideas and encouraged continued contributions to sustainable development. Renowned engineer, Bart Nnaji, also commended the students for their ingenuity.
Highlight of the event was the formal presentation of grants by the Minister of Education and other dignitaries, with the 45 winning ventures recognised for their potential to address critical societal challenges.
Speaking on behalf of the beneficiaries, Itsuokor Marvellous of Pallo a B2B codebase scanning system described the grant as a turning point, noting that it represents not just financial support but strong validation of the winners’ ideas and potential for impact.
The ceremony concluded with a vote of thanks delivered on behalf of the Managing Director of the Bank of Industry, Olasupo Olusi, by Executive Director, MSME, Oluwatoyin Edu, who commended all stakeholders for contributing to the programme’s success.
The S-VCG initiative is widely seen as a significant step in nurturing a new generation of entrepreneurs and innovators poised to drive Nigeria’s economic growth and development.
