Nigeria Govt to Award ₦50m Grant to Top Student Innovators in STEM

The Federal Government has launched a ₦50 million venture capital grant for outstanding university students in Nigeria, specifically targeting those in the fields of Science, Technology, Engineering, Mathematics, and Medicine (STEMM).

The initiative, titled the Student Grant Venture Capital Initiative, will provide grants of up to ₦50 million to high-achieving STEM students starting from 300 Level in accredited Nigerian universities.

Minister of Education, Dr. Tunji Alausa, announced the program during the inauguration of the Research and Innovation Commercialisation Committee (RICC) in Abuja. He stated that the initiative, set to begin between September and October 2025, is being implemented through a partnership between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).

The committee overseeing the program will be chaired by the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, and is expected to outline the eligibility criteria for prospective beneficiaries in the coming months.

Speaking at the event, Alausa highlighted that the initiative is part of a broader push by the Federal Ministry of Education to transform Nigeria’s higher education landscape into a hub for innovation, economic growth, and self-sustainability. He added that it aligns with President Bola Tinubu’s vision to reposition the country towards a knowledge-driven economy.

“The commercialisation of research outcomes bridges the gap between academia and industry, enabling stronger partnerships between universities, research institutions, and the private sector,” the minister said.

According to him, the initiative will not only support innovation but also provide an alternative revenue stream for tertiary institutions and inventors through intellectual property rights, patents, licences, and royalties, ultimately contributing to self-reliance within the education sector.

The venture capital fund is expected to help transform research outputs into market-ready products and services that can tackle real-world challenges and foster socio-economic development nationwide.