The Federal Government has unveiled a N50 million venture capital grant aimed at supporting outstanding students in Nigerian universities studying Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines.
Minister of Education, Dr. Tunji Alausa, made the announcement in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC). He explained that the initiative, known as the Student Grant Venture Capital Initiative, will begin disbursements between September and October this year.
Dr. Alausa said the programme targets high-achieving STEM students from 300 level upwards and is being funded through the Tertiary Education Trust Fund (TETFund) in collaboration with the Bank of Industry (BoI).
The committee, chaired by Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), will set the eligibility criteria and oversee the grant’s implementation.
Highlighting the significance of the initiative, Dr. Alausa noted that it aligns with President Bola Tinubu’s vision to transform Nigeria into a knowledge-driven economy by boosting research and innovation capacities across higher education institutions.
“Apart from translating research outputs into goods and services to address societal challenges, the commercialisation of research outcomes offers several benefits,” the Minister said. “It bridges the gap between academia and industry, fostering strong collaboration between universities, research institutions, and the private sector. It also facilitates revenue generation for institutions and researchers.”
He added that intellectual property rights, patents, licences, and royalties derived from commercialised research can serve as alternative income streams for tertiary institutions and inventors, thereby promoting self-sustainability in the sector.
