FG shortlists 65 student innovators for its venture capital grant

The Federal Government has shortlisted 65 student innovators for the final stage of its Student Venture Capital Grant after receiving more than 30,000 applications from across Nigeria’s tertiary institutions.

According to an official statement, the 65 finalists were selected from a pool of 30,639 applicants drawn from 404 universities, polytechnics, and colleges, highlighting what authorities described as the growing depth of innovation and entrepreneurial ambition among Nigerian students.

Minister of Education, Tunji Alausa, said the initiative represents a deliberate effort by the government to invest in the next generation of innovators and job creators, noting that the quality of submissions at the final stage signals strong potential for future economic impact.

He described reaching the shortlist as a significant milestone for the selected candidates, adding that the programme is designed to nurture ideas into scalable ventures capable of contributing meaningfully to national development.

Multi-stage selection and funding structure

The minister explained that the selection process followed multiple evaluation stages to ensure transparency and merit. These included an initial screening powered by artificial intelligence, followed by independent human validation to verify the quality and viability of submissions.

Shortlisted entries were then reviewed by a committee made up of representatives from government, academia, industry, and the investment ecosystem. Projects were assessed based on criteria such as scalability, feasibility, founder capability, and overall impact potential.

The Student Venture Capital Grant, launched in December 2025 in partnership with the Bank of Industry, offers up to N50 million in equity-free funding to support student-led ventures that have reached the commercialisation stage.

According to the government, the goal is to help promising ideas transition from early development into fully operational businesses, with a focus on job creation and innovation-driven growth.

Bootcamp and final selection

As part of the final phase, the 65 shortlisted innovators are expected to participate in a venture development bootcamp scheduled to be held from March 26 to 29. The programme will feature intensive workshops, pitch sessions, and direct feedback from investors and industry experts.

Performance during the bootcamp will play a key role in determining the eventual beneficiaries of the grant, alongside earlier application scores and the final deliberations of the selection committee.

The minister said the initiative is structured not just as a funding programme but as a pipeline for building sustainable startups, stressing that the government is focused on creating an enabling environment for young entrepreneurs to thrive.

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Winners of the grant are expected to be announced at an awards ceremony on March 29, marking the conclusion of the selection process and the beginning of the next phase for the selected ventures.

The programme, officials said, underscores the government’s broader push to strengthen Nigeria’s innovation ecosystem by supporting student entrepreneurs and positioning them as drivers of long-term economic growth.