The Federal Government has reaffirmed its commitment to implementing the ₦50 million Venture Capital Grant aimed at supporting innovative students across Nigerian tertiary institutions.
The initiative, managed by the Tertiary Education Trust Fund (TETFund), seeks to promote innovation, entrepreneurship, and job creation among young Nigerians. Officials confirmed that the selection process has commenced across universities and polytechnics, as institutions begin identifying students with promising research and business ideas.
Selection Process Underway
Speaking in Abuja, the Executive Secretary of TETFund, Arc. Sonny Echono, said all arrangements for the rollout had been finalized, including the seed fund provision and selection modalities.
Echono made this known while hosting Barrister Imeh Okon, the Administrator and Chief Executive Officer of the Public Service Institute of Nigeria (PSIN).
“We have set the machinery in motion. The fund is in place, and the seed capital has been provided. Modalities for selection are already being worked out at the institutional level, as it is the universities and polytechnics that know their most creative students,” Echono said.
He explained that each institution would nominate students with innovative ideas, while a national committee made up of experts from multiple disciplines would review shortlisted candidates and make the final selections.
A Step Toward Innovation and Job Creation
According to Echono, the initiative aligns with TETFund’s core mandate to support research and innovation in higher institutions. He stressed that the goal is to nurture students’ creative ideas into viable business ventures, thereby driving economic growth and youth empowerment.
“There are students across our beneficiary institutions who have developed creative products, services, or solutions that can be commercialized. This fund will help them move from concept to market,” he added.
Bank of Industry to Manage the Fund
The Bank of Industry (BoI) has been appointed to manage the venture fund, ensuring that projects receive technical and financial support from the prototype development stage to proof of concept and eventual commercialization.
Echono said this collaboration with BoI would strengthen the framework for sustainable innovation funding in Nigerian tertiary institutions.
“The Bank of Industry will manage the fund. We will support prototype development, proof of concept, and initial product advancement, making innovations ready for private sector adoption and scale-up,” he explained.
National Committee to Finalize Beneficiaries
He disclosed that once the national committee completes its first round of assessments, successful beneficiaries will be formally announced and awarded their grants in a media ceremony.
“By the time the committee finalizes its selection, the beneficiaries will be invited to receive their awards,” Echono said.
The maximum grant amount per beneficiary is ₦50 million, though the actual figure will depend on the scale and scope of each innovation.
Backed by Education Ministry
The initiative, known as the Student Grant Venture Capital Initiative, was first announced in July 2025 by the Minister of Education, Dr. Tunji Alausa.
The programme targets high-achieving students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines from 300 Level and above. It aims to reward creativity, promote entrepreneurship, and empower young Nigerians with funding to transform their academic research into market-ready products.
Evaluation in Final Stage
Although the scheme was initially expected to commence between September and October 2025, sources from The Guardian revealed that the final stage of evaluation is still ongoing. The national committee, chaired by Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), is currently concluding reviews before public announcement of the first beneficiaries.
Conclusion
The confirmation from TETFund assures Nigerian students and stakeholders that the ₦50 million Venture Grant remains a key federal innovation funding priority.
By bridging the gap between research and commercialization, the programme is set to drive youth-led innovation, stimulate employment, and strengthen Nigeria’s position as a hub for creative and technological advancement in Africa.