FG Announces ₦50 Million Venture Capital Grant for Top STEMM Students.
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- FG Announces ₦50 Million Venture Capital Grant for Top STEMM Students.
FG Announces ₦50 Million Venture Capital Grant for Top STEMM Students.
The Federal Government has launched a ₦50 million venture capital grant to support high-performing university students in the fields of Science, Technology, Engineering, Mathematics, and Medicine (S
TEMM). The initiative, known as the **Student Grant Venture Capital Initiative**, is set to begin between September and October 2025.
The grant is targeted at students in their third year (300 Level) and above who have innovative businesses or entrepreneurial ideas in need of scaling. It was announced in Abuja by the Minister of Education, Dr. Tunji Alausa, during the inauguration of the Research and Innovation Commercialisation Committee (RICC).
The initiative is backed by the **Tertiary Education Trust Fund (TETFund)** in collaboration with the **Bank of Industry (BoI)**. The RICC, chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will be responsible for setting eligibility criteria and driving efforts to commercialise academic research and innovation.
Dr. Alausa explained that the aim is to support Nigeria’s shift from a resource-based to a knowledge-based economy by unlocking student potential. He noted that the grant will empower thousands of students to develop their businesses and contribute to national development.
He also stressed the importance of turning research outputs into viable products and services, aligning the program with President Bola Tinubu’s broader agenda to promote innovation and economic growth.
The committee’s duties include narrowing the gap between academic research and market application, establishing funding and incubation systems, encouraging innovation-friendly policies, and protecting intellectual property. It also seeks to strengthen cooperation between universities and industry.
Minister of State for Education, Prof. Suwaiba Ahmad, praised the program as a vital step in advancing research commercialisation in Nigerian higher education. TETFund’s Executive Secretary, Sonny Echono, encouraged the committee to ensure its successful implementation.
In his remarks, Dr. Tayo Aduloju pledged the committee’s commitment to creating an enabling environment for innovation and entrepreneurship to thrive.
The committee includes members from the Federal Ministry of Innovation, Science and Technology, Nigerian universities, the Bank of Industry, and the Manufacturers Association of Nigeria (MAN), with TETFund serving as its Secretariat.
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Faith Kegh
Content & Editorial Manager - Leads the creation, review, and publication of high-quality news and media content. She ensures that all editorial work reflects the organization’s standards of accuracy, professionalism, and relevance, while also engaging and informing the audience.
As the key driver of TokinPoint Media LTD's editorial voice, the manager oversees content planning, assigns tasks to writers or editors, enforces deadlines, and ensures consistency across all platforms. She also plays a strategic role in aligning content with audience interests and search engine optimization (SEO) best practices.