The Federal Government has announced the launch of a N50 million Student Grant Venture Capital Initiative aimed at supporting student-led enterprises across Nigerian tertiary institutions.
The Minister of Education, Dr. Tunji Alausa, disclosed this during the inauguration of the Research and Innovation Commercialisation Committee (RICC) held on Tuesday in Abuja.
According to Dr. Alausa, the initiative is part of the government’s broader efforts to transform Nigeria into a knowledge-based economy under President Bola Tinubu’s Renewed Hope Agenda.
He explained that the new venture capital initiative will target undergraduate students in their 300-level and above who have viable business models and innovations ready for market expansion.
“This will target undergraduate students in 300-level and above with viable business models and innovations ready for market expansion
“We have hundreds of thousands of young geniuses across our institutions. This fund is designed to unlock their potential and help them build globally competitive enterprises,” Alausa said.
The fund will be anchored by the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of India.
Research commercialisation agenda
The N50 million student venture capital fund was announced as a complementary initiative to the newly inaugurated Research and Innovation Commercialisation Committee, which was set up by the Federal Government to drive the commercialisation of research outputs from Nigerian universities.
Dr. Alausa emphasised that while Nigeria has a vibrant academic community, and has recorded decades of groundbreaking research.
“Nations that have achieved sustainable development and global competitiveness have done so by investing in knowledge creation and, more importantly, in effective commercialisation of research outputs,” Alausa said.
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.
More insights
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
How can we apply for the fund?