Unlocking potential of student innovators through venture capital grant

According to him, the beneficiaries were picked from a rigorous selection process that began with over 30,000 applications from more than 400 tertiary institutions across the country. After a three-day boot camp, finalists pitched their innovations before a panel of industry experts, with 45 students ultimately selected for the grant.

Alausa noted that the long-term goal is to foster a paradigm shift such that graduates become job creators rather job seekers. He said the programme is part of a broader strategy to harness youth potential for economic transformation through innovation and skill development.

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The minister said: “Now, our students will not only learn, but they will create knowledge. Now, students will not only acquire theoretical understanding, but they will also operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.

“Not only will they create new solutions, but through upscaling and commercialisation, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.

“Imbued with innovative and entrepreneurial skills, our graduates will now become job creators rather than job seekers. This is indeed the inevitable pathway to harness Nigeria’s greatest resource, our youthful population, and transform it into a formidable and future-ready human capital.”

He acknowledged the support of partners such as the United Nations Development Programme (UNDP), Google, and the Bank of Industry; whose involvement, he said, strengthened the initiative and expanded opportunities for young innovators.

 Minister of State for Education, Prof. Suwaiba Ahmad, described student entrepreneurship as a critical strategy for national development, emphasising that academic knowledge must be complemented with practical problem-solving skills. She acknowledged the fact that more students are now building businesses while studying, a trend she described as essential for competitiveness in a fast changing global economy.

Prof. Ahmad noted that student-led enterprises have the potential to drive job creation, promote innovation, and support economic diversification across key sectors such as agriculture, technology, healthcare, and the creative industry.

Tinubu redefining tertiary education narrative

 Alausa stated that for too, long tertiary institutions were seen as centres for certification, but the Bola Tinubu-led administration is steadily and boldly changing the narrative.

He urged institutions to evolve to become centres of innovation, engines of enterprise and launchpads for global solutions.

 “For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of President Bola Tinubu, we are redefining that narrative.

“Our institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions. This initiative is not only about individual success—it is about national transformation.

“The S-VCG will strengthen Nigeria’s innovation ecosystem across universities, polytechnics and colleges of education, build a pipeline of young entrepreneurs and job creators.

“It will also position Nigeria as a hub for deep-tech and innovation-driven growth. This is how nations rise, not by consuming ideas, but by creating them,” he said. He urged the students to build projects that impact society beyond focusing on profit-making at first.

Delighted that over 30,000 students applied for the programme, he said the Federal Government would double the grant amount if a great deal of impact was recorded from the first set of beneficiaries.

Stakeholders: keys to sustainability, others

Critical stakeholders have not only commended the initiative, they described it as extremely pivotal to job creation, technological advancement, and economic diversification, while fostering a culture of innovation on campuses nationwide. However, they also highlighted various ways for all round sustainability.

National President of Association of Early Childhood and Basic Education Instructors in Nigeria (AECBEIN), Dr. Simeon Fowowe, said it is a bold and commendable step by the Federal Government to nurture entrepreneurship and innovation among Nigerian university students, particularly in STEMM (Science, Technology, Engineering, Mathematics, and Medicine) fields.

He noted that by providing equity-free seed funding of N50 million, alongside mentorship and incubation, the programme addresses a critical barrier for young innovators: access to capital and expert guidance.

He said it has the potential to catalyse job creation, technological advancement, and economic diversification, while promoting a culture of innovation on campuses nationwide.

On sustainability, Fowowe said: “There should be a robust Monitoring and Evaluation (M&E) and the implementation a framework to track the progress of funded startups, ensuring funds are used effectively and outcomes—such as prototypes, patents, or market-ready solutions—are achieved. Regular reporting and impact assessments can help refine the programme over time.

“Pair each student with experienced mentors from academia and industry. Encourage the creation of peer learning networks among funded students to share challenges, solutions, and best practices.

“Beyond seed funding, provide access to incubators, co-working spaces, and technology labs where students can scale their ideas. A structured acceleration programme could help transition campus ideas into viable businesses.

“Collaborate with banks, tech companies, and venture capital firms to provide follow-on funding for startups that show promise. This ensures that projects are not limited by initial seed capital alone.

“Integrate entrepreneurial and business skills training into university curricula so students are better equipped to manage finances, market their products, and navigate regulatory requirements.”

He also explained that successful beneficiaries should mentor and reinvest in new cohorts, creating a self-sustaining ecosystem of student-led startups and community support.”

The don said for transparency and accountability, the programme’s selection process, fund allocation, and progress reports should be made public, adding that transparency builds trust and encourages wider participation.

“In essence, while the funding is a powerful starting point, the long-term sustainability of the initiative will depend on continuous support, mentorship, industry partnerships, and accountability structures that transform one-off grants into lasting entrepreneurial ecosystems on Nigerian campuses,” he added.

Vice Chancellor, African School of Economics (The Pan-African University of Excellence), Abuja, Prof. Mahfouz Adedimeji, in a terse message, said: “Honestly, this is highly commendable. The gulf between venture ideas and implementation is often funding. When funding is available, ideas germinate and the society reaps the fruits.

“Such beneficiaries, other things being equal, will have hands-on experience and the opportunity can secure a future in entrepreneurship for them.”

NANS poised for follow-up, progress monitoring

 The National Association of Nigerian Students (NANS) has said it is poised to track the progress of students who have benefited from the initiative and also do a follow up on them.

In a chat with The Nation, NANS National Public Relations Officer (PRO), Comrade Adeyemi Samson Ajasa, said: “I commend the President Bola Ahmed Tinubu and the Honourable Minister for Education for this tremendous work and this initiative.

“This is one of the unique initiatives that we have so far. It is commendable.  Such funds and resources for students will go a very long way. We appreciate the minister for his efforts.  The incubation and mentorship aspects really capture my interest. However, monitoring and evaluation are important; this will enable tracking the progress of the programme. Incubation and mentorship are important too. We need to mentor business-oriented youths. This will help them and in the future they will give back to the society and bring more people on board to benefit from the initiative.

“And for everyone that has supported us here and also with the students, we will also ensure that we track most of these students; we will do a proper follow-up.

“We will engage the students too for future partnership. We can also bring them on board to mentor students on campus.”