By Isaac Atunlute
Nigeria has long struggled to convert academic talent into real-world enterprise. But a new wave of innovative interventions, spearheaded by a ₦50 million student venture-capital grant, is turning the tide for young entrepreneurs in higher institutions.
Launched recently in Abuja by Minister of Education Tunji Alausa, the initiative is facilitated by TETFund in partnership with the Bank of India and is aimed at 300-level or above students with brilliant business ideas for expansion in the market.
The scheme is part of President Tinubu’s Renewed Hope Agenda to take Nigeria away from being a resource-based to a knowledge-based economy.
Minister of State for Education, Suwaiba Ahmad, described the inauguration as a landmark moment in Nigeria’s education and innovation history.
Committee chairman Tayo Aduloju called for national innovation, citing the low Nigerian research expenditure as a fraction of GDP in the past.
Backing innovation with infrastructure
Beyond this grant scheme, TETFund is scaling up infrastructure and capacity building with its “Research for Impact” (R4i) initiative and the setting up of innovation hubs.
R4i has so far trained researchers and lecturers in translating ideas into prototypes from 2023, while TETFund plans to establish a total of 48 innovation and entrepreneurship centres across tertiary institutions, with 12 already launched, 18 at the procurement phase, and another 18 for the year 2025.
These centres, in collaboration with Innov8 Hub, provide prototype production facilities, mentorship, and industry linkage.
An ecosystem of support
Moreover, other government programmes are facilitating youth entrepreneurship. The “3 Million Technical Talent” (3MTT), funded by NITDA, is empowering up to 3 million Nigerians, including students. And by the year 2027, it aims to transform Nigeria into a net exporter of tech skills.
The social enterprise academy–Nigeria is also offering certification in social entrepreneurship with the aim to boost enterprise-led graduates.
Student-focused innovation competitions, such as the InterswitchSPAK competition, also inspire the youth to create tech-based solutions for local issues.
State and private sector efforts still add more momentum. There’s the KWASU centre for entrepreneurship that offers startup funding to students. Kwara State University also receives UNESCO research grants to support alternative energy initiatives.
Initiatives like the At-Risk Children Programme (ARC-P) and anti-trafficking task forces in Delta and Edo have also illustrated how combined interventions can offer vulnerable youth vocational training, though these are aimed at social development rather than outright enterprise development.
Collectively, the programmes constitute a rapid growth in Nigeria’s innovation policy. Through filling the gap of commercial grants among students with infrastructure, training, and a digital skills foundation, the FG and stakeholders are building a platform on which students’ businesses can thrive.
The key challenge now lies in offering sustained implementation in all institutions, open qualification, and long-term market linkages.
With the right cultivation, Nigeria’s student-led startups can be the frontline forces for transformation, unlocking job creation, emerging technology innovation, and national competitiveness.
Nigeria is transforming its education sector through a ₦50 million venture-capital grant aimed at empowering young student entrepreneurs, particularly those in their third year or above in tertiary institutions. Launched by the Minister of Education, this initiative is part of President Tinubu's Renewed Hope Agenda to shift Nigeria from a resource-based to a knowledge-based economy. The grant, in collaboration with TETFund and the Bank of India, seeks to bridge the gap between academic talent and real-world enterprise.
TETFund is enhancing infrastructure and capacity with its “Research for Impact” initiative, setting up innovation and entrepreneurship centers in tertiary institutions. These centers, in partnership with Innov8 Hub, provide resources for prototype production, mentorship, and industry linkage. Additionally, the 3 Million Technical Talent (3MTT) project by NITDA aspires to transform Nigeria into a tech skills exporter by 2027, while social enterprise education and innovation competitions further nurture student innovation.
State initiatives like KWASU's entrepreneurship drive and UNESCO research grants bolster student entrepreneurship, while programs like ARC-P and anti-trafficking initiatives address social development needs. Collectively, these efforts are creating a robust ecosystem to support and cultivate student-led startups. The main challenge remains ensuring continued implementation and creating sustainable market linkages for long-term success in Nigeria’s innovation policy.
