The Federal Government of Nigeria has launched a ₦50 million grant for top-performing university students in STEMM fields to promote innovation, research commercialization, and a shift toward a knowledge-based economy.
The Federal Government of Nigeria has introduced a ₦50 million venture capital grant aimed at exceptional university students in STEMM fields—Science, Technology, Engineering, Mathematics, and Medicine.
Announcing the initiative in Abuja, Minister of Education Dr. Tunji Alausa stated that the grant is designed to support high-performing students from 300 Level and above, with the goal of nurturing innovation and academic excellence.
The program, scheduled to launch between September and October 2025, is a collaborative effort between the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI). It forms part of a broader agenda to commercialize academic research and boost the nation’s innovation capacity.
Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will lead the Research and Innovation Commercialisation Committee (RICC), which will define eligibility and oversee grant distribution.
According to Alausa, the initiative aligns with President Bola Tinubu’s plan to shift Nigeria toward a knowledge-driven economy. He emphasized the potential of commercialized research to bridge the gap between universities and industry, create sustainable income for institutions, and offer real-world solutions to societal challenges.
“The commercialization of research delivers more than innovation—it creates economic opportunities and self-sustaining institutions through intellectual property rights, patents, and royalties,” he added.
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