Venture Capital Grant: Unlocking entrepreneurial potential in Nigerian students

By Adesina Wahab 

Recently, the Federal Government, through the Federal Ministry of Education, FME, with support from the Tertiary Education Trust Fund, TETFund, the United Nations Development Programme, UNDP among others, formally launched the Student Venture Capital Grant, S-VCG, during which N2.5 billion was given as grants to 45 student-led businesses.

The step, according to the Minister of Education, Dr Tunji Alausa, is to support business ideas conceived by young Nigerians so that they won’t be aborted or end up like a woman having pregnancy miscarriage. It was not a surprise that the event launch had enthusiastic students from both public and private higher institutions in attendance, with the hope that their entrepreneurial spirit is being strengthened.

Alausa said, “Today, we are activating a new future. A New Vision for Nigerian students. For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of His Excellency, President Bola Ahmed Tinubu, and in line with the Renewed Hope Agenda, we are redefining that narrative.

“Our institutions must now become: Centres of Innovation; Engines of Enterprise; Launchpads for Global Solutions. The S-VCG is one of the boldest steps we have taken to bring this vision to life. This is because this government believes in the goodness of the Nigerian student. We believe in you and your innate abilities. 

“The award of the Student Venture Capital Grant today to the first set of winners marks a monumental turning point in Nigeria’s educational and human capital development ecosystem. Now, our students will not only learn, they will create knowledge. Now, students will not only acquire theoretical understanding, they will operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.

“Not only will they create new solutions, but through upscaling and commercialization, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.

“Imbued with innovative and entrepreneurial skills, our graduates will now become job creators rather than job seekers.This is indeed the inevitable pathway to harness Nigeria’s greatest resource, our youthful population, and transform it into a formidable and future-ready human capital. It positions education as the veritable tool for development and channels the energy of our youth towards transgenerational and exponential economic growth, anchored on peace, prosperity, and progress,” he said.

Alausa promised that the N50 million given each venture could be increased to N100 million if the beneficiaries justify the initial grants with tangible outcomes and results.

The Minister of Communication and Digital Economy, Dr Bosun Tijani, in his remarks, linked the development and growth of nations to education, science and technology. 

He commended the initiative as one that could take the country to higher heights economically.

Prof. Barth Nnaji, a former Minister of Science and Technology, noted that it would take young ones from the possible frustration of joblessness after graduation, adding that the number of applications received showed the depth of talents in Nigeria. 

The Resident Representative of the United Nations Development Programme, Ms Elsie G. Attafuah expressed the readiness of the agency to partner with the country to promote efforts that would empower youths and reduce unemployment.

The finalists emerged from 30,639 applications sent in by students from 404 higher institutions, both public and private, across the country. The 45 successful businesses were among the final list of 65 that got to a boot camp where their business proposals were scrutinized by a 12-man team of business experts.

The beneficiaries included Sunpod led by Emmanuel Ajayi, PUP Industries led by Abdul Omisanya, Waste to Light led by Emmanuel Abah, Fluxt led by Caleb Sobaloju, Safebox led by Abdullahi Salihu, Rewear led by Ted Bankony, Pallo led by Marvellous Itskor, Mediby led by Amaran Preye among others.

Ajayi of Sunpod expressed deep appreciation to the FG and the supporting agencies for the gesture.

“A lot of ideas die because there is no room for the person who conceive such to birth it. Nigerian youths are not bereft of lofty and workable ideas that can help engage them positively, but most of the time, the needed support is lacking. 

“What the Federal Ministry of Education and the supporting agencies have done today is not only commendable, but will help us live our dreams of being entrepreneurs and contributing positively to our dear country. We hope to take our businesses to very high level and not betray the confidence reposed in us,” he said.

Abah of Waste to Light, said the funding received from the government would be judiciously used.

“We will use this opportunity offered us to inspire others too. We will remember the days of our humble beginning and grow our businesses to be employers of labour too. Nigeria has a lot of talented young ones and we thank the Federal Government for the initiative. In some developed nations, many businesses started on campuses and have become global entities now, that is where we are heading too,” he stated.

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