TETFund Confirms Student Grant for Universities & Polytechnics Is Still On Track

The Federal Government has confirmed that the ₦50 million venture capital grant for outstanding students in Nigerian universities and polytechnics is still ongoing.

According to the Tertiary Education Trust Fund (TETFund), the process of selecting qualified students has already started across schools. The goal is to support students with creative ideas that can solve real problems and turn their innovations into successful businesses.

Selection Ongoing Across Institutions

TETFund Executive Secretary, Arc. Sonny Echono, said every institution is to pick students with strong and promising ideas. A national committee made up of experts will then review the shortlisted students and select the final beneficiaries.

He said all arrangements for the take-off of the programme have been completed, including the seed fund and selection plans.

“This project is part of the government’s plan to promote innovation, entrepreneurship, and job creation among young Nigerians,” Echono said.

Bank of Industry to Manage the Fund

Echono explained that the ₦50 million venture fund will be managed by the Bank of Industry (BoI). The fund will help students move from the idea stage to full product development and commercialization.

“We have set everything in motion. The fund is ready, and institutions are now identifying students with promising ideas,” he confirmed.

Up to ₦50 Million Per Student

According to Echono, the amount each student will receive depends on the scale of their project, but the highest amount available is ₦50 million. The list of successful students will be announced once the national committee completes its review.

Focus on STEMM Students

Earlier this year, the Minister of Education, Dr. Tunji Alausa, announced that the grant targets students studying Science, Technology, Engineering, Mathematics, and Medicine (STEMM) from 300 level and above.

The initiative, called the Student Grant Venture Capital Initiative, is a joint project of TETFund, Bank of Industry, and the Nigerian Economic Summit Group (NESG), led by Dr. Tayo Aduloju.

Though it was expected to begin between September and October, the final stage of evaluation is still ongoing.

Final Note

The ₦50 million student venture grant is one of the government’s biggest steps to support young innovators and create jobs through education. Students are advised to stay alert as their schools will announce updates soon.