FG establishes a N50 million student grant for innovators at the 300 level.
To support student-led businesses across Nigerian higher education institutions, the Federal Government has launched the N50 million Student Grant Venture Capital Initiative.
This was revealed by Dr. Tunji Alausa, the Minister of Education, during the Research and Innovation Commercialization Committee (RICC) inauguration on Tuesday in Abuja.
Dr. Alausa claims that the program is a component of the government’s larger endeavors to implement President Bola Tinubu’s Renewed Hope Agenda, which aims to turn Nigeria into a knowledge-based economy.
He clarified that undergraduate students in their 300s and above who have innovative ideas and workable company plans that are prepared for market development will be the focus of the new venture capital program.
This will focus on 300-level undergraduates and up who have innovative ideas and workable business plans that are prepared to enter new markets.
“Our institutions are home to hundreds of thousands of young geniuses. The goal of this fund is to assist them realize their full potential and create globally competitive businesses, according to Alausa. The Tertiary Education Trust Fund (TETFund), in collaboration with the Bank of India, will serve as the fund’s anchor.
Agenda for Research Commercialization
The newly established Research and Innovation Commercialization Committee, established by the Federal Government to promote the commercialization of research outputs from Nigerian universities, was complemented by the announcement of a N50 million student venture capital fund.
Nigeria has a thriving academic community and has produced decades of ground-breaking research, Dr. Alausa emphasized. “Investing in knowledge creation and, more importantly, in the successful commercialization of research outputs has allowed nations to achieve sustainable development and global competitiveness,” Alausa stated.
According to him, the weak collaboration between researchers and the private sector has prevented the country from fully harnessing the benefits of its academic innovations.
“The weak link between academia and industry has limited our ability to reap the enormous benefits of research. This committee will serve as a strategic bridge between both worlds,” he said.
Alausa noted that converting academic research into market-ready products and services would bring direct economic benefits to institutions and researchers and also attract investments in Nigeria
“The commercialisation of research outputs will not only generate revenue for institutions and researchers but will also enhance Nigeria’s self-reliance, improve the innovation index, and attract international investments,” the minister said.
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CEO of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, who will chair the committee, described the RICC as a matter of national urgency.
He noted that Nigeria’s research investment as a share of GDP remains among the lowest globally and called for stronger institutional linkages.
“If Mr President’s ‘Nigeria First’ policy is to truly drive transformation, then innovation capital must lead the charge.
The private sector has been disconnected for too long. We are committed to building institutional linkages that last beyond this Committee’s lifespan,” he said.
The committee also includes Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, and Dr. Detoun Ogwu. It also has representatives from the Federal Ministry of Science and Technology, the Bank of Industry, the Manufacturers Association of Nigeria (MAN), and Nigerian universities.
In addition to the new student fund, the Minister listed several ongoing projects by the Ministry of Education through TETFund aimed at strengthening the research ecosystem in universities. These include
- Central multipurpose laboratories
- Alternative energy systems for campuses
- Medical simulation centres
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