Good News for students in business, the Federal Government has launched a ₦50 Million Grant to Support Student Entrepreneurs.
GoldenNewsNg reports that the Federal Government of Nigeria has unveiled a ₦50 million Student Venture Capital Initiative aimed at supporting student-led enterprises across the country’s tertiary institutions.
Announced by the Minister of Education, Dr. Tunji Alausa, the initiative underscores the government’s drive to build 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 tasked with translating academic research into commercially viable ventures.
The new venture capital fund, to be managed by the Tertiary Education Trust Fund (TETFund) in collaboration with the Bank of Industry, will provide early-stage capital to undergraduates in 300-level and above with 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,” Dr. Alausa said.
The initiative is part of a broader strategy to close the longstanding gap between academia and industry. While Nigerian universities have produced groundbreaking research over the years, the country has struggled to convert these innovations into economic value due to weak linkages between researchers and the private sector.
“The commercialisation of research outputs will not only generate revenue for institutions and researchers, but also enhance Nigeria’s self-reliance, improve our innovation index, and attract international investment,” Dr. Alausa added.
The newly inaugurated RICC is chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), and includes members such as Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, and Dr. Detoun Ogwu. The committee also features representatives from the Federal Ministry of Science and Technology, the Bank of Industry, the Manufacturers Association of Nigeria (MAN), and Nigerian universities.
Describing the committee’s task as one of national urgency, Dr. Aduloju stated: “Nigeria’s investment in research as a share of GDP remains among the lowest globally. If the 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 also rolling out several key projects to strengthen Nigeria’s research and innovation ecosystem. These include:
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Central multipurpose laboratories on campuses
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Alternative energy systems to power academic institutions
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Medical simulation centres for advanced healthcare research and training
These investments aim to position Nigerian universities as not just centres of learning, but engines of innovation and entrepreneurship.
The ₦50 million Student Venture Capital Initiative marks a pivotal step for aspiring student entrepreneurs and innovators. It provides a practical platform for turning ideas into viable businesses, addressing real-world challenges, and contributing meaningfully to the nation’s economic development.
With entrepreneurship gaining traction as a sustainable career path, this initiative could serve as a model for integrating funding, innovation, and institutional support within the higher education space.
As Nigeria works to diversify its economy and tackle youth unemployment, this forward-thinking approach signals a strategic pivot toward empowering homegrown talent to drive national progress.
