The Nigerian government has opened applications for a ₦50 million ($34,250) equity-free venture capital fund for student innovators in tertiary institutions, betting that young innovators can build the country’s next wave of globally relevant entrepreneurs capable of driving the economy with real-world solutions.
Launched under the Student Venture Capital Grant (S-VCG), the initiative is part of a broader push to cultivate tech-driven entrepreneurship within universities and colleges. It promises equity-free funding, mentorship, and access to modern technology tools for selected student founders working on ideas with commercial and societal potential.
“The President has challenged us to look for the next Moonshot within our tertiary institutions. We are not just looking for projects; we are scouting for future Nigerian Unicorns whose roots will be planted right here in our universities and colleges,” Tunji Alausa, the Minister of Education, said in a statement.
The move signals a wider effort by the Nigerian government to support the nation’s innovation ecosystem. The government, through the Investment in Digital and Creative Enterprises (iDICE) programme, recently invested in Ventures Platform’s $64 million new fund, its first limited partner commitment to a major local VC. It also plans to launch two additional funds for Nigerian startups in 2026 under the iDICE programme.
The S-VCG primarily targets students in STEM and medical fields, with an emphasis on ventures that can scale and address real-life challenges. The beneficiaries will enter an incubation pipeline that includes expert mentorship, technical resources, and structured support designed to help transform early-stage ideas into market-ready products.
Alausa framed the programme as an “equity-free seed investment in Nigeria’s future,” positioning campuses as fertile ground for venture-backable innovation.
One of the initiative’s most significant elements is a new partnership with Google. The Ministry says Google’s Gemini AI will power custom “evaluation agents” embedded into the application portal to support the screening process. In addition, every applicant who completes a submission will receive a one-year Gemini Pro licence and access to educational resources.
Nigeria’s tertiary institutions have produced promising innovations for years, but many of these ideas stall before they can mature or scale due to chronic gaps in funding, mentorship, and institutional support. The S-VCG, if effectively executed, could provide the critical leverage student innovators need to break out of campus limitations and compete within a global innovation landscape.