The Federal Government is set to launch a groundbreaking initiative, the Sciences, Technology, Engineering, Mathematics, and Medical Sciences Student Venture Capital Grant (S-VCG), which will provide eligible students with startup funding of up to ₦50 million to drive innovation, entrepreneurship, and economic growth.
Also referred to as the ‘STEMM Up Grant’, the initiative will be formally unveiled in August by the Minister of Education, Dr. Maruf Alausa.
The Guardian reports that the pioneering programme is designed to empower students in Nigeria’s tertiary institutions to build the next generation of scalable, job-creating ventures.
A statement by the Director, Press and Public Relations, Federal Ministry of Education, Boriowo Folasade, said this was made known during a stakeholder engagement session held in Abuja.
The session, according to the statement, was attended by Vice-Chancellors, Provosts, Rectors, Students leaders, academic staff, and development partners to chart a collective course for nurturing student-led innovation.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Dr. Alausa. “We are giving our students the tools to dream, build, and scale solutions that solve real-world problems — from tech and medicine to agriculture and green energy”.
The grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics, and Medical Sciences), specifically those in their 300 level and above. Each selected student-led project will be eligible to receive startup funding of up to ₦50 million, along with access to mentorship, incubation services, and business development support.
The initiative will be implemented in partnership with the Bank of Industry (BOI) to ensure financial transparency, impact measurement, and effective project execution.
Speaking at the session, the Minister of State for Education, Professor Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy. “We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty, and institutional leaders.
The statement noted that the launch of S-VCG aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises inclusive education, youth empowerment, and sustainable economic development.
“Participants at the event welcomed the STEMM Up Grant as a timely, strategic, and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
“The Ministry reaffirmed its commitment to ensuring inclusive rollout and rigorous monitoring to guarantee that the initiative delivers measurable and lasting impact across Nigeria’s higher education institutions,” the statement added
