Nigeria awards grants to 65 student innovators for entrepreneurship

On October 15, 2026, Nigeria's Federal Ministry of Education announced the selection of 65 student innovators for the Student Venture Capital Grant initiative. This initiative aims to empower young entrepreneurs by providing equity-free funding of up to N50 million for their ventures. The selection process was highly competitive, with 30,639 applicants from 404 tertiary institutions across Nigeria vying for the grants. The initiative represents a significant investment in the future of Nigeria's innovation landscape.

The Student Venture Capital Grant was launched in December 2025 under President Bola Tinubu's administration, in collaboration with the Bank of Industry. The program seeks to promote entrepreneurship among students and support the development of homegrown solutions to address national challenges. Folasade Boriowo, the director of press and public relations at the ministry, emphasized the importance of nurturing innovative ideas that can drive economic growth and job creation in Nigeria.

The selected student innovators are engaged in projects across various sectors deemed critical for national development. The selection process involved multiple stages, including AI-enabled screenings and evaluations by a committee of experts from government, academia, and industry. This rigorous approach ensured that only the most promising ventures were shortlisted for the grants, highlighting the initiative’s commitment to transparency and merit-based selection.

To further support the selected innovators, an intensive venture development bootcamp is scheduled for March 26 to 29, 2026. This bootcamp will feature workshops, pitch sessions, and live evaluations aimed at strengthening the entrepreneurs’ ventures and preparing them for scaling. Final decisions on grant recipients will be based on applicants' performance during the bootcamp and recommendations made by the evaluation committee.

The Student Venture Capital Grant initiative reflects Nigeria's commitment to fostering innovation and entrepreneurship among its youth. By investing in the next generation of innovators, the government aims to build a robust ecosystem that encourages creativity and drives economic progress. The program's success could pave the way for similar initiatives in the future, ultimately transforming Nigeria's innovation landscape and boosting its economy.