IKOYI, LAGOS STATE– The FG has officially awarded equity-free grants of 2.25 billion to 45 trainee innovators, marking the conclusion of the first Student Equity capital Grant (S-VCG). The statement was made by the Minister of Education, Prof. Tunji Alausa, on Sunday, March 29, 2026, at the UNDP Innovation Hub in Ikoyi, Lagos.
Picked from an initial pool of over 30,000 applicants, the 45 beneficiaries, drawn from both public and private tertiary institutions, got 50 million each to shift their scholastic research and ideations into companies.
From Class to Boardrooms: A Policy Shift
Minister Alausa characterised the grant as a vibrant declaration that the next wave of worldwide innovation will be led by Nigerian youth.
He stressed that the S-VCG represents a fundamental shift in nationwide education policy, moving away from the conventional design of tertiary organizations as “certification centres” toward becoming hubs of economic advancement and innovation transfer.
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The S-VCG Support Package Consists Of:
- 50 Million Equity-Free Financing: Capital provided without relinquishing ownership.
- Incubation & Mentorship: Access to market specialists to refine business designs.
- Digital Tools: Provision of high-end software and hardware for technical advancement.
- Endeavor Boot Camp: Intense three-day training on pitching, scaling, and financial management.
A Rigorous Selection for National Effect
The road to the last 45 was extremely competitive. Following the shortlisting of 65 finalists previously this month, the candidates went through an extensive three-day bootcamp where they pitched their developments before a panel of industry specialists.
The winning start-ups were picked based on their prospective to resolve crucial nationwide difficulties in sectors consisting of:
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Agriculture: Enhancing food security through Agritech.
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Health care: Digital health services for underserved areas.
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Logistics: Optimising the supply chain within Nigeria’s internal trade routes.
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Fintech: Broadening financial addition and digital payment systems.
Global Collaborations for Regional Growth
The Minister acknowledged the collective effort behind the effort, citing the Bank of Market (BoI), Google, and the United Nations Advancement Programme (UNDP) as crucial technical and financial partners.
He kept in mind that such collaborations are essential for creating an ecosystem where fantastic ideas do not “die in the classroom” however progress into global business.
Future Outlook: Training Job Creators
Declaring the commitment of President Bola Tinubu’s administration to human capital development, Alausa urged the students to take advantage of the chance to become companies of labour.
He concluded by challenging Nigerian universities to prioritise research commercialisation, specifying that no country can accomplish real prosperity without a dynamic scholastic system that generates practical solutions for social development.
The 45 beneficiaries are anticipated to start their official incubation duration in April, with routine progress reports submitted to the Federal Ministry of Education to guarantee the efficient utilisation of the seed capital.