Good News For Student Entrepreneurs As FG Partners BoI To Launch N50 Million Fund, Details Emerge

• In line with President Bola Tinubu's Renewed Hope Agenda, the government is looking to encourage student entrepreneurs
• One key target is to ensure that valid research from the tertiary institutions is converted into investable business ideas
• The government has partnered with the Bank of Industry to launch a Venture Capital Grant for student-entrepreneurs who meet the criteria

Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

As a way to encourage entrepreneurship and innovation among Nigerian students, the federal government of Nigeria has launched a N50 million Venture Capital Grant.

The newly launched initiative is tagged 'Student Grant Venture Capital Initiative', and is meant to support student-led entreprises that demonstrate innovation.

This fund will specifically focus on high-achieving students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM), in their 300 level or above, across all Nigerian universities.

Minister of Education, Dr. Tunji Alausa, disclosed this information at the inauguration of the Research and Innovation Commercialisation Committee (RICC) in Abuja.

He explained that the N50 million fund is being set up through a collaboration between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).

FG gives date, criteria to get fund

Alausa noted that the N50 million grant will be rolled out by September and October 2025.

The beneficiaries are expected to:

• Be in 300-level or higher in any of the Nigerian universities;
• Have existing businesses or proven ideas and innovations that are ready to enter the market.

The Education Minister noted that the initiative will encourage students to unlock their innovations and business ideas for national development, and transition Nigeria from being a resource-based economy to a knowledge-based economy.

Alausa said:

“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.”

“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.”

Note that the BoI is also involved in other initiatives to empower Nigerians, including the special loan for women and another single-digit, no-collateral loan done in partnership with the Lagos State government.

FG sets up 25-man committee

The newly inaugurated Research and Innovation Commercialisation Committee (RICC) is to be chaired by Dr. Tayo Aduloju, the CEO of the Nigerian Economic Summit Group (NESG), the Guardian news reports.

Part of the committee’s responsibilities will be to set out eligibility criteria for the grant and drive the commercialization of research outputs and collaboration between academia and industry.

The committee has been directed to:

• Bridge the research-to-market gap
• Establish a framework for funding and incubation
• Promote policy support to finance innovation and IP rights
• Foster the partnership between researchers and industry players
• Ensure that research is translated into market-ready products and services

The 25-member committee also draws members from the Manufacturers Association of Nigeria, the Federal Ministry of Innovation, Science and Technology, Nigerian universities, the Bank of Industry, and TETFund, which will also serve as the secretariat.

Alausa charged the committee to strengthen the collaboration between academia and industry, and translate research into outputs that can attract investments.

FG partners with BoI to float national youth bank

In related news, the federal government has announced plans to float a new bank that will target the youth population.

Legit.ng reported that the government came up with the idea to bridge the gap caused by a dearth of opportunities for the youth.

The national youth bank would target funding and creating opportunities tailored to the youth of Nigeria's young population.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng