The Federal Government has launched a ₦50 million Student Grant Venture Capital Initiative aimed at supporting and scaling student-led enterprises across Nigerian tertiary institutions.
The initiative was announced on Wednesday in Abuja by the Minister of Education, Dr. Tunji Alausa, during the inauguration of the Research and Innovation Commercialisation Committee (RICC).
Dr. Alausa explained that the programme is designed to bridge the long-standing gap between academic research and industry, by turning innovative ideas developed in Nigerian universities and polytechnics into commercially viable solutions.
According to the minister, the scheme targets undergraduate students in their 300-level and above who possess viable business models and innovations that are ready for market expansion.
The project, he noted, will be jointly implemented by the Tertiary Education Trust Fund (TETFund) in collaboration with the Bank of India.
Dr. Alausa emphasized that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to reposition Nigeria’s economy from one dependent on natural resources to one driven by knowledge, innovation, and human capital.
“We have hundreds of thousands of young geniuses in our institutions. This fund is designed to unlock their potential and help them build globally competitive enterprises,” the minister stated.
He further noted that the government is committed to creating an enabling environment where student innovations are not only encouraged but also adequately funded and guided to scale.
Speaking at the same event, Minister of State for Education, Professor Suwaiba Ahmad, described the inauguration of the committee as a landmark development in the country’s education and innovation ecosystem.
She lamented that for decades, research within Nigerian tertiary institutions has largely served academic promotions rather than addressing national development needs.
“For too long, research has been used merely as a tool for promotion in our institutions, instead of being deployed to generate real solutions to our challenges. This must change,” she declared.
Chairman of the newly inaugurated RICC, Dr. Tayo Aduloju, also underscored the urgency of the initiative, describing it as a critical intervention for national development. He noted with concern that Nigeria’s research investment as a share of GDP remains among the lowest compared to other emerging economies.
Dr. Aduloju reiterated the committee’s commitment to fostering a culture of innovation-driven entrepreneurship within the academic space and ensuring that Nigeria begins to reap the economic benefits of its intellectual capital.