In a significant move to support and empower outstanding students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) across the Nation’s universities, the Federal Government has introduced a groundbreaking initiative – the Student Grant Venture Capital Initiative, with a total fund of N50 million.
The initistive will provide financial support to high-achieving students from the 300 Level and above who are looking to scale up their businesses or launch new ventures.
This initiative, scheduled to kick off between September and October 2025, is made possible through collaborations between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).
Spark News Naija reports that a Research and Innovation Commercialisation Committee (RICC), led by Dr. Tayo Aduloju of the Nigerian Economic Summit Group (NESG), has been inaugurated to oversee the process.
Minister of Education, Dr. Tunji Alausa, emphasized the transformative potential of this grant in unleashing the innovative ideas and entrepreneurial spirit of Nigerian students.
He emphasized the shift towards a knowledge-based economy and stressed the importance of bridging the gap between academia and industry to drive national development.
The committee’s mandate includes setting eligibility criteria, providing funding and incubation support, promoting policy frameworks for innovation financing and intellectual property rights, and fostering collaborations between researchers and industry stakeholders.
Relyimg on stakeholders such as the Federal Ministry of Innovation, Science and Technology, Nigerian universities, the Bank of Industry, and the Manufacturers Association of Nigeria (MAN), the initiative is poised to reshape the landscape of research and innovation in Nigeria.
As the Student Grant Venture Capital Initiative gains momentum, Minister of State for Education Prof. Suwaiba Ahmad and TETFund Executive Secretary Sonny Echono have expressed their support for the committee’s efforts in driving research commercialization and fostering a culture of innovation within Nigerian universities.
Dr. Aduloju, in his commitment to the cause, pledged to create an enabling environment for innovation and entrepreneurship to flourish in Nigeria.
This initiative marks a pivotal step towards leveraging the untapped potential of Nigerian students and propelling the country towards sustainable economic growth through research and innovation.