Nigeria Launches Student Grant Venture to Boost Innovation
N50 million fund aims to turn academic research into commercial enterprises.
Nigeria’s education sector is set for a major boost as the government launches a N50 million Student Grant Venture Capital Initiative, designed to support and scale student-led businesses within the country’s tertiary institutions.
Funding for Student Innovation
According to **Dr. Tunji Alausa**, Minister of Education, this initiative will help to bridge the gap between academic research and practical industry applications, converting research into viable products and services. He announced the scheme on Wednesday in Abuja during the inauguration of the Research and Innovation Commercialisation Committee (RICC).
The program, managed by TETFund in partnership with the Bank of India, is targeting undergraduate students, specifically those in 300-level and above, who have developed viable business models and innovations ready for market expansion.
Transition to a Knowledge-Based Economy
According to **Dr. Alausa**, this initiative aligns with **President Bola Tinubu’s** agenda to shift Nigeria from a resource-based economy to one driven by knowledge and innovation.
“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,”
the minister stated.
Landmark Moment
**Prof. Suwaiba Ahmad**, the Minister of State for Education, described the inauguration as “a landmark moment in Nigeria’s education and innovation history.”
She also noted a critical need for change: “For too long, research in our tertiary institutions has been reduced to tools for promotion rather than solutions for development. This must change.”
National Urgency
Committee Chairman, **Dr. Tayo Aduloju**, characterized the RICC as “a matter of national urgency,”
emphasizing that Nigeria’s research investment as a percentage of GDP is among the lowest when compared to peer nations. In fact, Nigeria’s gross expenditure on R&D was just 0.2% of GDP in 2020, far below the UNESCO-recommended 1% UNESCO target.
This initiative is a significant step towards fostering a culture of innovation and entrepreneurship within Nigeria’s educational institutions, potentially leading to substantial economic growth and development.