The Federal Government is preparing to unveil a landmark financial grant initiative aimed at empowering student-entrepreneurs in a bid to stimulate innovation, boost entrepreneurship, and drive sustainable economic development.
This upcoming initiative, targeted specifically at full-time undergraduate students in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM), was announced by the Minister of Education, Dr. Tunji Alausa, in a statement issued on Friday and signed by the Ministry’s Director of Press and Public Relations, Boriowo Folasade.
The project, formally named the Sciences, Technology, Engineering, Mathematics and Medical Sciences Student Venture Capital Grant (S-VCG) and popularly known as the STEMM Up Grant, is set to be unveiled in August in Abuja. According to Dr. Alausa, this initiative is a first-of-its-kind venture designed to equip students in Nigeria’s tertiary institutions with the resources to build scalable, job-creating businesses that can lead Nigeria’s next wave of industrial and technological transformation.
Describing the S-VCG as more than just a grant, Dr. Alausa called it a launchpad for bold, young innovators. He emphasized that the programme will enable students to develop and scale practical solutions in diverse sectors such as healthcare, agriculture, technology, and green energy. He further noted that the grant is open to student-led projects by undergraduates in 300-level and above, offering funding of up to N50 million per venture. In addition to capital, beneficiaries will gain access to structured mentorship, incubation services, and expert business development support. He added that the initiative will be implemented in collaboration with the Bank of Industry (BOI) to ensure transparency, efficiency, and measurable impact.
Calling on education stakeholders to support the initiative, Dr. Alausa urged vice chancellors, provosts, rectors, student leaders, academic staff, and development partners to embrace this opportunity to drive student-led innovation and enterprise across Nigeria’s tertiary institutions.
Also speaking on the initiative, Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the S-VCG as a strategic investment in Nigeria’s knowledge economy. She explained that the programme is the product of extensive consultation with students, faculty, and education leaders, aligning closely with the federal government’s agenda of inclusive education, youth empowerment, and economic transformation.
Prof. Ahmad noted that the STEMM Up Grant is a timely and high-impact intervention capable of addressing graduate unemployment and positioning Nigeria as a continental leader in student-driven innovation. She reaffirmed the Ministry’s commitment to an inclusive rollout and rigorous monitoring framework to ensure that the programme achieves meaningful, measurable, and lasting results across Nigeria’s higher education landscape.
