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The Student Venture Capital Grant (S-VCG), a financial program intended to encourage student-led innovations with up to ₦50 million in equity-free grants, has launched its application portal.

Boriowo Folasade, the Federal Ministry of Education’s Director of Press and Public Relations, made the announcement in a statement.

The program’s goal, according to Education Minister Tunji Alausa, is to find innovative ideas at Nigeria’s higher education institutions.

“We have been challenged by the President to search our postsecondary institutions for the next Moonshot. We are searching for future Nigerian Unicorns whose roots will be established in our universities and colleges, not merely projects. He declared, “This is an equity-free seed investment in Nigeria’s future.”

The Ministry claims that the program provides equity-free funding of up to ₦50 million to student entrepreneurs who have breakthroughs in STEMM (science, technology, engineering, mathematics, and medical sciences).

Part of the Federal Government’s Renewed Hope Agenda, the S-VCG, also known as the STEMM Up Grant, aims to develop student inventions into high-impact, financially viable businesses.

According to reports, the program officially starts on August 2 after being first announced in July.

The program is specifically designed for full-time undergraduate students in Nigeria’s authorized postsecondary institutions who are enrolled in courses 300-level and higher.

In addition to cash, successful candidates will have access to business development assistance, incubator services, and mentorship to help them grow their businesses and solve real-world issues.

In order to guarantee responsibility, openness, and quantifiable results, the program is being carried out in collaboration with the Bank of Industry.

In addition to cash, chosen student-led firms will receive mentorship from seasoned business owners, intense incubation programs, and unfettered access to the tools and resources they need to expand.

The Ministry and Google collaborated to incorporate Gemini AI evaluation bots into the application platform in order to improve the assessment process.

In order to improve their technical and entrepreneurial skills, applicants will also be granted a one-year Google Gemini Pro license and access to top-notch educational materials.

All qualified students were encouraged by the Ministry to submit plans that show scalability, market relevance, and the capacity to address pressing domestic or international issues.

Additionally, it stated that students will start their entrepreneurial adventure with “top-tier global tools,” assisting in the development of a strong innovation pipeline from concepts to businesses that are ready for the market.

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