FG Shortlists 65 Students from 30,000 Applicants for N50m Venture Capital Grant
- The federal government shortlisted 65 innovators from over 30,000 applicants nationwide for the Venture Capital Grant programme
- The programme, arranged by the Ministry of Education and the Bank of Industry, offers up to N50 million in funding for qualified ventures
- The organisers disclosed that the selection involved multiple stages of assessment, including AI screening and evaluation by a multi-sector panel
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology, and macroeconomic trends in Nigeria.
The federal government has selected 65 student innovators from over 30,000 applicants to proceed to the final stage of the Student Venture Capital Grant (SVCG) programme, The Cable reported.
According to a statement by the Federal Ministry of Education, a total of 30,639 applications were received from 404 tertiary institutions across the country.
Source: Getty Images
Programme targets student-led businesses
The SVCG scheme, introduced in November 2025 in partnership with the Bank of Industry, is designed to provide up to N50 million in non-dilutive funding to student-led ventures that have reached the commercialisation stage.
The initiative aims to help young entrepreneurs scale their ideas, create jobs, and contribute to economic growth.
Government highlights importance of initiative
In the statement, Folasade Boriowo, spokesperson for the ministry, said the programme is a key initiative of the administration of President Bola Tinubu.
She noted that the shortlisted innovators are developing solutions in sectors considered critical to national development.
Boriowo also quoted the Minister of Education, Tunji Alausa, as describing the scheme as a strategic investment in the next generation of entrepreneurs and job creators.
Selection process described as rigorous
The ministry explained that applications underwent multiple stages of assessment, beginning with AI-driven screening to determine eligibility and alignment with programme goals.
Submissions that passed this stage were further reviewed by a panel comprising representatives from government, academia, industry, and the investment community.
Entries were evaluated based on criteria such as scalability, feasibility, founder capability, and potential impact.
Finalists to attend bootcamp, pitch to investors
The 65 finalists are expected to participate in an intensive venture development bootcamp scheduled between March 26 and 29.
Activities will include pitch presentations, workshops, live assessments, and investor feedback sessions aimed at strengthening their business ideas.
Final beneficiaries of the grant will be selected based on overall application scores, performance during the bootcamp, and recommendations from the evaluation panel.
The programme is expected to conclude on March 29, 2026, with an awards ceremony where successful recipients of the N50 million funding will be announced.
Source: Getty Images
Application opens for OCHF Quarterly Business Growth Grant
Legit.ng earlier reported that applications have opened for the OCHF Quarterly Business Growth Grant, an initiative designed to support Nigerian entrepreneurs with funding to expand and strengthen their businesses.
The programme, organised by the OCHF Foundation, provides financial support to small business owners who are working to scale their ventures but face challenges accessing capital.
Under the initiative, 10 entrepreneurs will receive N500,000 every quarter as a business support grant aimed at improving productivity, expanding operations, and strengthening market presence.
Source: Legit.ng
