N50m Grant for Innovative Students Still on Track, Says TETFund

N50m Grant for Innovative Students Still on Track, Says TETFund

The Federal Government has reaffirmed its commitment to the N50 million venture capital grant aimed at empowering outstanding and innovative students in Nigerian tertiary institutions. The initiative, spearheaded by the Tertiary Education Trust Fund (TETFund) in collaboration with the Bank of Industry (BoI), seeks to nurture creativity, innovation, and entrepreneurship among young Nigerians in higher education.

Driving Innovation Through Education

Speaking in Abuja, the Executive Secretary of TETFund, Arc. Sonny Echono, disclosed that the process of identifying and selecting qualified students across various institutions has already commenced. According to him, the programme will serve as a platform for Nigerian universities and other tertiary institutions to showcase the ingenuity, creativity, and problem-solving capabilities of their students.

The fund is in place, and all necessary arrangements have been concluded, Echono said. We have held a series of meetings with all the relevant stakeholders. The modalities for selection are being worked out at the institutional level because it is the universities and polytechnics that know their students and can identify those whose ideas have strong commercial potential.

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Selection and Implementation Framework

Under the framework, each participating institution will nominate students with outstanding and innovative ideas. These nominations will then be reviewed by a national committee of experts drawn from diverse fields. The committee will evaluate, shortlist, and recommend final beneficiaries for the grants.

Echono explained that the fund will be managed by the Bank of Industry, ensuring transparency and proper oversight. He added that the grants will not be a one size fits all disbursement as the exact amount awarded to each student will depend on the scale, feasibility, and commercial potential of the innovation, with an upper limit of N50 million.

When the committee concludes its first round of selections, we will invite the media and formally present the awards to the successful beneficiaries, he assured.

A Boost for STEMM Students and Entrepreneurship

The Student Grant Venture Capital Initiative, announced earlier in July by the Minister of Education, Dr. Tunji Alausa, focuses primarily on students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines. The programme is designed to identify exceptional talents from their 300 level and above, equipping them with financial support to transform ideas into viable business ventures.

Dr. Alausa had previously highlighted that the initiative aligns with the government’s broader agenda to foster innovation led growth, reduce unemployment, and stimulate the knowledge economy through student driven enterprises.

Encouraging Research, Innovation, and Job Creation

Echono emphasized that the project is consistent with TET Fund’s core mandate to support research, innovation, and knowledge transfer within Nigeria’s tertiary education sector. There are students in our institutions who have developed creative products and solutions that need to be taken to the market. This grant will help them prototype, validate, and scale those ideas, he said.

He further explained that beyond financial assistance, the initiative would create opportunities for mentorship, incubation, and partnerships with private investors, venture capitalists, and industry stakeholders.

This initiative goes beyond funding. It is about helping our young innovators navigate the journey from concept to commercialization, Echono added.

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Collaboration with Key National Institutions

The national committee overseeing the project is chaired by Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG). The committee includes representatives from academia, industry, and government agencies. Their collective role is to ensure that the program is effectively implemented, transparent, and impactful.

Echono revealed that TET Fund and its partners including PSIN, NESG, and BoI are committed to seeing the initiative succeed as a model for promoting youth innovation and self-employment. The collaboration reflects a strategic shift in Nigeria’s education policy, focusing not just on degrees but on skills, innovation, and enterprise development.

A Step Toward an Innovation Driven Future

Although the program rollout, initially expected between September and October 2025, has been slightly delayed, officials confirm that it remains on track. The final evaluation phase is currently being concluded, and successful applicants are expected to be announced soon.

With the seed fund already secured and institutional selections underway, the N50 million venture capital grant promises to inspire a new generation of innovators who can drive Nigeria’s transition into a knowledge based, innovation driven economy.

 

 

 

 

 

 

 

Content Credit: Ohidah Oluwaferanmi

Image Credit: African press.com