FG launches N50 million fund for student-owned businesses, reveals date, criteria to apply

• In enactment with President Bola Tinubu's Renewed Hope Agenda, the authorities is looking to promote pupil entrepreneurs
• One cardinal people is to guarantee that valid probe from the tertiary institutions is converted into investable concern ideas
• The authorities has partnered with the Bank of Industry to motorboat a Venture Capital Grant for student-entrepreneurs who conscionable the criteria

Ruth Okwumbu-Imafidon, a writer with Legit.ng, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

As a mode to promote entrepreneurship and innovation among Nigerian students, the national authorities of Nigeria has launched a N50 cardinal Venture Capital Grant.

The recently launched inaugural is tagged 'Student Grant Venture Capital Initiative', and is meant to enactment student-led entreprises that show innovation.

This money volition specifically absorption connected high-achieving students successful Science, Technology, Engineering, Mathematics, and Medicine (STEMM), successful their 300 level oregon above, crossed each Nigerian universities.

Students who conscionable the criteria volition person entree to the fund. Photo credit: State House, Hispanolistic (Getty Images)
Source: UGC

Minister of Education, Dr. Tunji Alausa, disclosed this accusation astatine the inauguration of the Research and Innovation Commercialisation Committee (RICC) successful Abuja.

He explained that the N50 cardinal money is being acceptable up done a collaboration betwixt the Tertiary Education Trust Fund (TETFund) and the Bank of Industry (BoI).

FG gives date, criteria to get fund

Alausa noted that the N50 cardinal assistance volition beryllium rolled retired by September and October 2025.

The beneficiaries are expected to:

• Be successful 300-level oregon higher successful immoderate of the Nigerian universities;
• Have existing businesses oregon proven ideas and innovations that are acceptable to participate the market.

The Education Minister noted that the inaugural volition promote students to unlock their innovations and concern ideas for nationalist development, and modulation Nigeria from being a resource-based economy to a knowledge-based economy.

Alausa said:

“We person hundreds of thousands of young geniuses crossed our institutions. This money is designed to unlock their imaginable and assistance them physique globally competitory enterprises.” “Nations that person achieved sustainable improvement and planetary competitiveness person done truthful by investing successful cognition instauration and, much importantly, successful effectual commercialisation of probe outputs.”

Note that the BoI is besides progressive successful different initiatives to empower Nigerians, including the special indebtedness for women and different single-digit, no-collateral indebtedness done successful concern with the Lagos State government.

FG sets up 25-man committee

The recently inaugurated Research and Innovation Commercialisation Committee (RICC) is to beryllium chaired by Dr. Tayo Aduloju, the CEO of the Nigerian Economic Summit Group (NESG), the Guardian quality reports.

Part of the committee’s responsibilities volition beryllium to acceptable retired eligibility criteria for the assistance and thrust the commercialization of probe outputs and collaboration betwixt academia and industry.

The committee has been directed to:

• Bridge the research-to-market gap
• Establish a model for backing and incubation
• Promote argumentation enactment to concern innovation and IP rights
• Foster the concern betwixt researchers and manufacture players
• Ensure that probe is translated into market-ready products and services

The 25-member committee besides draws members from the Manufacturers Association of Nigeria, the Federal Ministry of Innovation, Science and Technology, Nigerian universities, the Bank of Industry, and TETFund, which volition besides service arsenic the secretariat.

The money is to promote the conversion of probe into investible businesses. Photo credit: Kola Sulaimon, Thomas Imo
Source: Getty Images

Alausa charged the committee to fortify the collaboration betwixt academia and industry, and construe probe into outputs that can pull investments.

FG partners with BoI to interval nationalist younker bank

In related news, the national authorities has announced plans to float a caller bank that volition people the younker population.

Legit.ng reported that the authorities came up with the thought to span the spread caused by a dearth of opportunities for the youth.

The nationalist younker slope would people backing and creating opportunities tailored to the younker of Nigeria's young population.

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Source: Legit.ng