By Daniel Oluwatobiloba Popoola
The Federal Government has disbursed N2.25 billion in grants to 45 students drawn from tertiary institutions across Nigeria under its Student Venture Capital Grant (SVCG) initiative, with the University of Lagos emerging as the leading beneficiary.
The presentation, held on Sunday, 29 March, 2026 at the UNDP Innovation Hub in Ikoyi, Lagos, saw the Minister of Education, Dr Tunji Alausa, alongside the Minister of State for Education, Prof Suwaiba Ahmad, hand over cheques to the selected beneficiaries part of 65 shortlisted student innovators under a scheme designed to support student-led enterprises with up to N50 million in equity-free funding to drive innovation, entrepreneurship, and economic growth.
Notably, the University of Lagos produced eight awardees, each receiving N50 million for what officials described as groundbreaking projects. Other institutions with winning students included the University of Ilorin, the Federal University of Technology, Minna, Lagos State University, and Bayero University, Kano, with most of the supported innovations focused on leveraging Artificial Intelligence and technology to tackle societal challenges.
Speaking at the event, Alausa urged tertiary institutions to shift from theory-driven education to innovation-led learning, stressing the need for a systemic overhaul in mindset and leadership. He charged governing councils to prioritise the appointment of vice-chancellors and rectors with strong innovative orientation.
“For too long, our tertiary institutions have been seen primarily as centres for certification,” he said.
“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 explained that the initiative was designed to unlock the innate creative potential of Nigerian students, ensuring that ideas developed in classrooms translate into real-world impact.
“Now, our students will not only learn, but they will create knowledge,” Alausa
stated. “Now, students will not only acquire theoretical understanding, but they will also operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.
“Not only will they create new solutions, but through upscaling and commercialisation, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.
“Imbued with innovative and entrepreneurial skills, our graduates will now become job creators rather than job seekers. This is indeed the inevitable pathway to harness Nigeria’s greatest resource, our youthful population, and transform it into a formidable and future-ready human capital.”
The Minister further advised beneficiaries to prioritise societal impact over immediate profit, describing the initiative as a cornerstone for national development.
“This initiative is not only about individual success it is about national transformation,” he added.
“The SVCG will strengthen Nigeria’s innovation ecosystem across universities, polytechnics and colleges of education, build a pipeline of young entrepreneurs and job creators. It will also position Nigeria as a hub for deep-tech and innovation-driven growth. This is how nations rise, not by consuming ideas, but by creating them.”
Alausa revealed that more than 30,000 students applied for the programme, noting that the Federal Government is considering doubling the grant size if the first batch demonstrates measurable impact.
In his remarks, the Minister of Communications and Digital Economy, Bosun Tijani, encouraged the beneficiaries to remain committed to their ideas despite challenges, urging them to refine and scale their innovations for societal benefit.
Similarly, Chairman of the Senate Committee on Tertiary Institutions and TETFund, Muntari Dandutse, emphasised the importance of bridging the gap between theory and practice, noting that the Senate supports initiatives like the SVCG for their role in promoting entrepreneurship and enabling scalable business development.
Meanwhile, the National Programme Coordinator, Adebayo Adebajo, said the government is targeting a significant expansion of the initiative, expressing optimism that the next cohort would attract up to 200,000 applications nationwide.
