A total of 30,639 applicants drawn from 404 tertiary institutions across the country participated in the selection process for the Student Venture Capital Grant. From this significant pool, the Federal Government has shortlisted 65 student innovators for the final stage of the competition.
The initiative, inaugurated in December 2025 in partnership with the Bank of Industry, offers up to ₦50 million in equity free funding. It is designed to support student led ventures that have reached the commercialisation stage to scale solutions, create jobs, and boost innovation driven development.
Education Minister Tunji Alausa described the programme as a strategic investment in developing future innovators and job creators. He observed that the performance of the shortlisted candidates demonstrated remarkable creativity and ambition.
"The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale," Alausa stated.
He revealed that the selection followed a rigorous multi stage evaluation process to ensure fairness and accuracy. Applications were subjected to AI based screening to assess eligibility, followed by independent human validation. Alausa noted that shortlisted entries were subsequently assessed by a committee comprising representatives from government, academia, industry, and the investment ecosystem. The evaluation criteria focused on scalability, feasibility, founder capability, and impact potential.
The 65 finalists are expected to participate in an intensive venture development bootcamp scheduled for March 26 to 29. The programme will feature pitch sessions, workshops, and investor style feedback aimed at strengthening the ventures. Final grant decisions will depend on application scores, bootcamp performance, and committee deliberations.
Beneficiaries will be formally announced at an awards ceremony scheduled for March 29. The Minister emphasized that the scheme is building a sustainable pipeline of entrepreneurs for the nation. "Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth," he concluded.
