Federal Government N50m Grant to Support STEEM Students: Eligibility, Benefits, Application

The Federal Government has announced the launch of a N50 million grant to support innovative projects by students in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEEM). Known as the Student Venture Capital Grant (S-VCG), the program is scheduled to begin in August 2025, targeting undergraduates with practical ideas that can solve real problems in society.

The announcement was made during a national stakeholders’ meeting held in Abuja, where representatives from government agencies, tertiary institutions, and student organizations gathered to discuss the future of student-led innovation in Nigeria.

Who is Eligible?

The grant is open to full-time undergraduate students in Nigerian universities and polytechnics who are studying STEEM-related courses. However, only students in 300 level and above will be eligible to apply. This ensures the program targets students with both academic maturity and hands-on experience in their fields.

The Ministry of Education explained that the aim is to back students who are not just academically strong but also passionate about building solutions that can scale into sustainable ventures.

Up to N50 Million Available Per Project

According to the official statement released by Folashade Boriowo, Director of Press and Public Relations at the Ministry of Education, selected applicants can receive up to N50 million in funding. The grant covers a wide range of needs, including product development, market research, equipment purchase, and other startup essentials.

But the program offers more than just money. It also includes:

Business training tailored for student-led enterprises
Mentorship from professionals in various STEEM industries
Access to incubation centers and innovation hubs
Continuous monitoring and growth support

This multi-layered support system is designed to help students build startups that are not only innovative but also sustainable.

A Strong Partnership with Bank of Industry

To ensure transparency and accountability, the grant will be administered in partnership with the Bank of Industry (BoI). The bank will handle the financial side of the project, from disbursement to performance tracking, making sure the funds are properly used and each student venture stays on course.

The involvement of BoI also means that students can benefit from additional financial guidance and possibly access more funding opportunities as their businesses grow.

Government’s Vision: Innovation for National Growth

The Minister of Education, Dr. Tunji Alausa, described the grant as a bold step towards unlocking the creative potential of young Nigerians. He emphasized that the real value of this initiative lies not just in the money given out but in the lives that will be changed and the businesses that will be built.

“This grant is about preparing Nigeria’s next generation of innovators. These are young people who have ideas that can reshape industries, improve healthcare, transform agriculture, and drive our economy forward,” he said during the meeting.

Prof. Suwaiba Sa’id Ahmad, the Minister of State for Education, also spoke at the event. She stressed that the government had spent months working with universities, lecturers, students, and technical experts to ensure the program is both practical and effective. According to her, this is not a one-off event but part of a broader plan to encourage innovation in Nigeria’s tertiary institutions.

A Welcome Development for Students and Institutions

Those who attended the Abuja session praised the grant as a timely and meaningful intervention. Many described it as a rare opportunity for students to turn their classroom knowledge into real-world impact.

University administrators, student leaders, and innovation experts at the event expressed hope that the program will reduce graduate unemployment, create new industries, and boost Nigeria’s position as a center for youth-led innovation in Africa.

The support is expected to fuel a new wave of student startups—ventures that begin within university labs and classrooms but have the potential to grow into national and even international businesses.

What Comes Next?

With the official rollout expected in August, both students and institutions are gearing up for the application process. Guidelines for submission, proposal templates, and selection criteria will be released shortly by the Ministry of Education in collaboration with the Bank of Industry.

Students are encouraged to begin refining their ideas, forming teams where needed, and seeking support from their school’s entrepreneurship centers or innovation hubs.