The Federal Government has injected fresh momentum into Nigeria’s innovation ecosystem with the disbursement of ₦2.2 billion in grants to 45 outstanding student-led ventures at the 2026 Student Venture Capital Grant (S-VCG) Bootcamp and Awards Ceremony.
The event, held at the United Nations Development Programme (UNDP) Office in Ikoyi, Lagos, marked the culmination of a rigorous selection process that saw 45 winners emerge from 65 finalists, shortlisted from over 30,000 applications submitted by students across 404 tertiary institutions nationwide.
This was contained in a statement on Monday, 30th March, 2026, by Folasade Boriowo, Head, Press and Public Relations.
Speaking at the ceremony, the Minister of Education, Moruf Tunji Alausa, reaffirmed the government’s resolve to reposition tertiary institutions as centres of innovation, entrepreneurship, and practical problem-solving.
He described the S-VCG initiative as a strategic pillar of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at empowering young Nigerians to transform ideas into viable enterprises.
Alausa disclosed that each selected venture is eligible for up to ₦50 million in equity-free funding, in addition to mentorship, incubation support, and access to advanced digital tools.
Also addressing participants, the Minister of Communications and Digital Economy, Bosun Tijani, praised the students’ innovative use of technology, urging them to build scalable solutions capable of addressing real-world challenges and driving national development.
The Minister of State for Education, Suwaiba Sa’id Ahmad, commended the finalists for their resilience and creativity, noting that initiatives like the S-VCG are critical to cultivating a culture of innovation among Nigerian youths.
Chairman of the Senate Committee on Tertiary Education and TETFund, Muntare Dandutse, called for sustained investment in youth-driven innovation to strengthen the country’s knowledge economy.
In her goodwill message, Elsie G. Attafuah of the United Nations Development Programme applauded the students’ forward-thinking ideas and encouraged them to contribute meaningfully to sustainable development.
The ceremony’s highlight was the formal presentation of grants to the 45 winning teams, with officials commending their ingenuity and potential to tackle pressing societal challenges.
Speaking on behalf of the beneficiaries, Itsuokor Marvellous, developer of the Pallo B2B Codebase Scanning System, described the grant as a defining milestone, noting that it represents not just funding but strong validation of the winners’ ideas and potential for impact.
The programme concluded with a vote of thanks delivered on behalf of the Managing Director of the Bank of Industry, Olasupo Olusi, appreciating all stakeholders for their contributions.
The 2026 S-VCG Bootcamp and Awards Ceremony underscored the Federal Government’s commitment to nurturing a new generation of innovators and entrepreneurs poised to drive Nigeria’s economic growth and development.