Abuja: The Federal Government has shortlisted 65 student innovators from 30,639 applicants for the final stage of the Student Venture Capital Grant (S-VCG). This announcement was made in a statement by the Director of Press and Public Relations, Federal Ministry of Education, Folasade Boriowo, and was provided to the News Agency of Nigeria (NAN) in Abuja.
According to News Agency of Nigeria, the shortlisted applicants were drawn from 404 tertiary institutions across the country, showcasing the innovation and entrepreneurial potential within Nigeria’s university system. The Minister of Education, Dr. Tunji Alausa, described the initiative as a strategic investment in developing future innovators and job creators. He emphasized that the performance of the shortlisted candidates demonstrated creativity and ambition, indicating that the program would strengthen a pipeline of entrepreneurs to drive economic growth.
Alausa expressed enthusiasm about the quality and ambition demonstrated by the 65 student innovato
rs, noting that reaching this stage is a significant milestone. He anticipates the next phase, where these ventures will be refined and prepared for scaling. The S-VCG, inaugurated in December 2025 in partnership with the Bank of Industry, offers up to N50 million in equity-free funding. The grant supports student-led ventures at the commercialization stage, aiming to scale solutions, create jobs, and boost innovation-driven development.
The selection process involved a multi-stage evaluation, including AI-based screening and independent human validation to ensure fairness and accuracy. Shortlisted entries were assessed by a committee comprising representatives from government, academia, industry, and the investment ecosystem. Evaluation criteria included scalability, feasibility, founder capability, and impact potential.
Alausa also revealed that the finalists would participate in a venture development bootcamp from March 26 to 29, featuring pitch sessions, workshops, and investor feedback. Final grant dec
isions will be based on application scores, bootcamp performance, and committee deliberations. The beneficiaries will be announced at an awards ceremony scheduled for March 29. This initiative highlights the government’s commitment to promoting innovation and supporting student entrepreneurship for national development.