March 24, (THEWILL) — The Federal Government has shortlisted 65 student-led startups from a total of 30,639 applicants for the final stage of its Student Venture Capital Grant (S-VCG), marking a significant milestone in efforts to promote innovation and entrepreneurship among Nigerian youths.
A statement issued by the Director of Press and Public Relations, Federal Ministry of Education, Folasade Boriowo, said the applicants were drawn from 404 tertiary institutions across the country, reflecting the depth of innovation and entrepreneurial potential within Nigeria’s university system.
She quoted the Minister of Education, Tunji Alausa, as describing the initiative as a strategic investment in developing future innovators and job creators capable of driving economic growth.
“The quality and ambition demonstrated by these 65 student innovators is deeply encouraging. Reaching this stage represents a significant milestone, and I look forward to the next phase as these ventures are refined and prepared for scale. Through this initiative, we are building a strong pipeline of innovators and entrepreneurs who will drive Nigeria’s future growth”, the minister said.
Alausa explained that the S-VCG, inaugurated in December 2025 in partnership with the Bank of Industry, provides up to ₦50 million in equity-free funding to support student-led ventures at the commercialisation stage.
He noted that the programme is designed to help scale viable solutions, create jobs, and boost innovation-driven development across critical sectors of the economy.
According to him, the selection process involved a rigorous multi-stage evaluation, including artificial intelligence-based screening and independent human validation to ensure fairness and transparency.
He added that shortlisted entries were assessed by a committee comprising representatives from government, academia, industry and the investment ecosystem, using criteria such as scalability, feasibility, founder capability and impact potential.
The minister further revealed that the finalists would participate in a venture development bootcamp scheduled for March 26 to 29, featuring pitch sessions, workshops and investor feedback aimed at refining their business ideas.
He said final grant decisions would be based on application scores, bootcamp performance and committee deliberations, with beneficiaries to be announced at an awards ceremony on March 29.
Alausa emphasised that the initiative underscores the Federal Government’s commitment to fostering innovation and supporting student entrepreneurship as a key driver of national development.
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