The Federal Government of Nigeria has officially opened the application portal for the Student Venture Capital Grant (S-VCG), also known as the STEMM Up Grant. This equity-free funding initiative offers successful student-led ventures up to ₦50 million to transform innovative ideas into scalable businesses. The programme targets high-potential innovations emerging from Nigeria’s tertiary institutions and is designed to nurture the country’s next generation of tech and science-driven entrepreneurs.
Official Announcement and Ministerial Statement
The opening of the application portal was confirmed in an official statement released by Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education. The Minister of Education, Chief Dr. Tunji Alausa, emphasized the strategic importance of the initiative during the announcement.
In his words: “The President has challenged us to look for the next moonshot within our tertiary institutions. We are not just looking for projects; we are scouting for future Nigerian unicorns whose roots will be planted right here in our universities and colleges. This is an equity-free seed investment in Nigeria’s future.”
The Minister’s statement underscores the government’s vision to position Nigerian higher institutions as breeding grounds for globally competitive startups, particularly in critical sectors that drive economic growth.
What is the Student Venture Capital Grant (S-VCG)?
The S-VCG is a federal initiative that provides non-dilutive (equity-free) grants of up to ₦50 million to student innovators pursuing groundbreaking ideas in STEMM fields: Science, Technology, Engineering, Mathematics, and Medical Sciences.
Unlike traditional loans or equity investments that require repayment or surrender of company ownership, recipients of the S-VCG retain 100% ownership of their ventures while receiving substantial financial support to develop prototypes, conduct research, build teams, and prepare for market entry.
First announced in July 2025 and officially launched on August 2, 2025, the programme forms a key pillar of the Renewed Hope Agenda in the education and youth development sector.
Objectives of the STEMM Up Grant
The primary goals of the initiative include:
- Identifying and funding high-impact innovations developed by students in Nigerian tertiary institutions
- Bridging the gap between academic research and commercial application
- Reducing youth unemployment by empowering students to become job creators rather than job seekers
- Positioning Nigeria as a hub for innovation in Africa, particularly in science and technology
- Supporting the development of solutions to local and global challenges such as healthcare delivery, renewable energy, agriculture technology, and digital transformation
Who is Eligible to Apply?
The grant is exclusively available to:
- Full-time undergraduate students currently in 300-level (third year) and above
- Students enrolled in accredited Nigerian universities, polytechnics, colleges of education, or other recognized tertiary institutions
- Individuals or teams with innovative projects in Science, Technology, Engineering, Mathematics, or Medical Sciences (STEMM)
- Applicants who can demonstrate a working prototype, proof of concept, or clear path to achieving one with the grant funding
Postgraduate students, part-time students, and recent graduates are currently not eligible under this specific scheme.
Benefits Beyond Funding
Successful applicants will receive far more than just financial support. The programme offers a comprehensive package designed to increase the chances of long-term success:
- Equity-free grant of up to ₦50 million
- Access to world-class mentorship from industry experts and successful entrepreneurs
- Incubation support through partnered innovation hubs and accelerators
- Business development training including marketing, financial management, and pitch preparation
- Networking opportunities with investors, corporate partners, and government agencies
- Technical assistance for patent filing and intellectual property protection
- Pathways to additional funding rounds and international exposure
Partnership with Bank of Industry (BOI)
The Federal Ministry of Education is implementing the S-VCG in strategic partnership with the Bank of Industry (BOI), Nigeria’s foremost development finance institution. This collaboration ensures:
- Transparent and merit-based selection process
- Professional due diligence on all applications
- Efficient disbursement of approved funds
- Robust monitoring and evaluation framework
- Measurable impact tracking and reporting
The involvement of BOI brings decades of experience in supporting Nigerian enterprises and adds significant credibility to the initiative.
How the Application Process Works
While the full application guidelines are available on the official portal, the general process includes:
- Registration on the official S-VCG application portal
- Submission of personal and academic details
- Detailed description of the innovation or business idea
- Upload of supporting documents (academic records, prototype photos/videos, etc.)
- Pitch video submission (usually 3-5 minutes)
- Initial screening by technical committee
- Shortlisted candidates invited for physical or virtual pitch sessions
- Final selection and announcement of winners
Applicants are advised to prepare thoroughly, as competition is expected to be intense given the significant value of the grant.
Timeline and Important Dates
- Portal Opening: November 2025 (exact date announced with portal launch)
- Application Deadline: To be announced (typically 6-8 weeks after portal opening)
- Shortlisting and Interviews: Within 60 days of application closure
- Announcement of Winners: Within 90 days of application deadline
- Fund Disbursement: Within 30 days of final selection
Applicants are encouraged to monitor official channels for exact dates and any extensions.
Why This Initiative Matters for Nigeria
The launch of the S-VCG comes at a crucial time when Nigeria is seeking to diversify its economy beyond oil and establish itself as Africa’s leading technology and innovation hub. With one of the youngest populations in the world and a growing number of tertiary institutions producing graduates annually, the country has enormous untapped innovative potential.
By providing substantial equity-free funding directly to students while they are still in school, the government is creating a unique pathway for academic innovations to become commercial successes without the typical barriers faced by early-stage founders.
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FAQs
Is the ₦50 million given to every approved applicant?
No. The maximum grant amount is ₦50 million, but actual awards will be based on the specific needs, stage, and potential impact of each project. Some teams may receive less depending on their funding requirements.
Can a team of students apply together?
Yes. Applications can be submitted by individuals or teams. All team members must meet the eligibility criteria (300-level and above, full-time students).
Do applicants need to have a registered company?
No. The grant is designed for student innovators, many of whom may not have formal companies yet. Support for company registration is provided as part of the incubation package for successful applicants.
Is there any repayment required?
No. This is a grant, not a loan. There is no repayment obligation and no equity is taken by the government or partners.
Can students from private universities apply?
Yes. Students from all accredited tertiary institutions (federal, state, or private) are eligible to apply.
Are there specific priority areas within STEMM?
While all STEMM innovations are welcome, special consideration may be given to projects addressing national priorities such as renewable energy, healthcare delivery, agricultural transformation, climate change solutions, and financial inclusion.
Can the same student apply in multiple cycles?
Yes, but previous recipients of the maximum grant amount may not be eligible for additional funding under this specific programme.
Is there an age limit for applicants?
There is no explicit age limit, but applicants must be current full-time undergraduate students in 300-level or above.
How will successful applicants be supported after receiving the grant?
Recipients will be enrolled in a structured 12-18 month support programme including mentorship, workspace, regular progress reviews, and preparation for follow-on funding from venture capital firms.
Where can I access the official application portal?
The official portal link will be published through the Federal Ministry of Education’s website, social media channels, and partner institutions. Always verify you are on the authentic government portal to avoid scams.