Nigerian Govt Launches N50 Million Student Grant to Support Student-Led Enterprises in Tertiary Institutions

The Federal Government of Nigeria has unveiled a ₦50 million Student Grant Venture Capital Initiative aimed at supporting student-led enterprises across tertiary institutions. This initiative, announced by the Minister of Education, Dr. Tunji Alausa, underscores the government’s commitment to building a knowledge-based economy through innovation and youth empowerment.

The announcement was made on Tuesday in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC), a strategic body set up to convert academic research into viable commercial ventures.

The new venture capital fund, to be anchored by the Tertiary Education Trust Fund (TETFund) in collaboration with the Bank of India, will provide early-stage capital to undergraduate students in 300-level and above who demonstrate viable, scalable business models and market-ready innovations.

“We have hundreds of thousands of young geniuses across our institutions. This fund is designed to unlock their potential and help them build globally competitive enterprises,” said Dr. Alausa.

The initiative complements the newly formed RICC, which seeks to bridge the long-standing gap between academia and industry in Nigeria. Dr. Alausa emphasized that while Nigerian universities have produced groundbreaking research over the decades, the country has yet to convert these innovations into economic drivers due to poor collaboration between researchers and the private sector.

“The commercialisation of research outputs will not only generate revenue for institutions and researchers but will also enhance Nigeria’s self-reliance, improve the innovation index, and attract international investments,” he stated.

The RICC is chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), and comprises a cross-sector team including Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, and Dr. Detoun Ogwu, as well as representatives from the Federal Ministry of Science and Technology, the Bank of Industry, the Manufacturers Association of Nigeria (MAN), and Nigerian universities.

Dr. Aduloju described the committee’s work as a matter of national urgency, saying, “Nigeria’s investment in research as a share of GDP remains among the lowest globally. If President’s ‘Nigeria First’ policy is to truly drive transformation, then innovation capital must lead the charge.”

Beyond the student-focused fund, the Ministry of Education, through TETFund, is implementing several projects to strengthen Nigeria’s research and innovation ecosystem. These include:

• Central multipurpose laboratories across campuses
• Alternative energy systems to power institutions
• Medical simulation centres for healthcare research and training

These investments aim to position Nigerian universities not just as centres of learning, but as hubs of innovation and entrepreneurship.

The launch of the ₦50 million Student Venture Capital Initiative is a significant milestone for student entrepreneurs and early-stage innovators. It provides a pathway for young Nigerians to transform ideas into businesses, solve real-world problems, and contribute to national economic development.

With the growing recognition of entrepreneurship as a viable career path, this initiative could serve as a model for integrating innovation, funding, and institutional support at the undergraduate level.

As Nigeria seeks to diversify its economy and create jobs, especially for its burgeoning youth population, initiatives like this signal a strategic shift toward leveraging homegrown talent and ideas.