Nigerian Government Awards ₦2.2BN in Grants to 45 Students
Last update: March 30, 2026
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The Government said the S-VCG initiative is expected to further strengthen Nigeria’s innovation ecosystem by empowering young entrepreneurs..
The Nigerian Government has awarded a total of ₦2.2 billion in grants to 45 outstanding student-led ventures at the 2026 Student Venture Capital Grant (S-VCG) Bootcamp, held in Ikoyi, Lagos.
CBI News reports that the winners emerged after a rigorous selection process involving 65 finalists whose proposals were assessed by a panel of experts.
Speaking at the event, the Minister of Education, Dr Tunji Alausa, said that the initiative aligns with the Federal Government’s drive to transform tertiary institutions into centres of innovation, entrepreneurship, and practical problem-solving.
He noted that the programme supports students in turning ideas into viable businesses, revealing that each beneficiary can access up to ₦50 million in equity-free funding, alongside mentorship, incubation support, and digital tools.
Alausa added that the programme attracted over 30,000 applications from 404 tertiary institutions nationwide, reflecting the growing spirit of innovation among Nigerian youths.
CBI News reports that the Minister of Communications and Digital Economy, Dr Bosun Tijani, commended the students for leveraging technology to develop solutions to real-world challenges.
He encouraged them to build scalable innovations that will contribute to national development, as other dignitaries, including the Minister of State for Education, Suwaiba Sa’id Ahmad, and Chairman of the Senate Committee on Tertiary Education, Senator Muntare Dandutse, emphasised the importance of sustained investment in youth-driven innovation.
Meanwhile, development partners, including the UNDP, also pledged continued support for initiatives that promote entrepreneurship and sustainable development.
The event featured the official presentation of grants to the 45 winners, with beneficiaries expressing appreciation to the Federal Government for the opportunity.
