The federal government has introduced a N50 million venture capital grant aimed at supporting outstanding students in Nigerian universities, specifically those studying Science, Technology, Engineering, Mathematics, and Medicine (STEMM).
Announcing the initiative in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC), Minister of Education, Dr Tunji Alausa, said the grant would be made available to high-achieving students starting from their 300 Level.
The grant, under the Student Grant Venture Capital Initiative, is a collaborative effort between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI). The programme is expected to launch between September and October 2025.
According to the minister, the newly inaugurated RICC will be chaired by Dr Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), and will also be responsible for setting the eligibility criteria for applicants.
Dr Alausa said the initiative is part of a broader strategy to reposition Nigeria’s higher education system as a driver of national development through innovation and research.
“This programme aligns with President Bola Tinubu’s vision of transforming Nigeria into a knowledge-based economy,” he said. “By commercialising research outputs, we can address pressing societal challenges, strengthen ties between academia and industry, and promote institutional self-sustainability.”
He explained that translating research into marketable goods and services not only bridges the gap between universities and the private sector but also creates new revenue opportunities through intellectual property rights, patents, and royalties.
“This is how we ensure our universities are not just centres of learning, but engines of innovation and economic growth,” the minister added.
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