The Federal Government has officially opened the application portal for the Student Venture Capital Grant (S-VCG), an initiative aimed at empowering student innovators with equity-free grants of up to ₦50 million.
The announcement was made in a statement by the Director of Press and Public Relations at the Federal Ministry of Education, Boriowo Folasade.
Minister of Education, Dr. Tunji Alausa, said the programme is designed to uncover groundbreaking innovations within Nigeria’s tertiary institutions.
“The President has challenged us to look for the next Moonshot within our tertiary institutions. We are not just looking for projects; we are scouting for future Nigerian unicorns whose roots will be planted right here in our universities and colleges. This is an equity-free seed investment in Nigeria’s future,” he stated.
According to the Ministry, the grant targets student founders with innovations in STEMM — Science, Technology, Engineering, Mathematics, and Medical Sciences. Each successful applicant can receive up to ₦50 million in equity-free funding.
Also known as the STEMM Up Grant, the S-VCG forms part of the Federal Government’s Renewed Hope Agenda, aimed at transforming student-led ideas into commercially viable and high-impact ventures.
The scheme, first announced in July, officially kicks off on August 2.
The programme is open to full-time undergraduates in 300-level and above across accredited tertiary institutions in Nigeria. Beneficiaries will receive funding, mentorship, incubation support, and business development services to help scale their solutions to real-world challenges.
The initiative is being implemented in partnership with the Bank of Industry (BOI) to ensure transparency and measurable outcomes.
In addition to financial support, selected student startups will benefit from an intensive incubation programme, access to tools and resources, and mentorship from experienced entrepreneurs.
To enhance the evaluation process, the Ministry partnered with Google to integrate Gemini AI assessment agents into the application portal. All applicants will also receive a one-year Google Gemini Pro licence, along with premium learning resources to strengthen their technical and entrepreneurial skills.
The Ministry encouraged eligible students to submit proposals with strong potential for scalability, real-world impact, and market relevance.
It added that selected innovators will begin their entrepreneurial journey with global-standard digital tools, helping build a pipeline of solutions from ideation to market-ready ventures.
