The Federal Government on Sunday disbursed N2.25bn to 45 students across the nation’s tertiary institutions.
The beneficiaries are among 65 student innovators shortlisted for the Student Venture Capital Grant initiative of the government.
Minister of Education, Dr Tunji Alausa, accompanied by the Minister of State for Education, Prof Suwaiba Ahmad, presented the cheques to the select 45 at the event held at the UNDP Innovation Hub, Ikoyi, Lagos.
The SVCG is an initiative of the Federal Government aimed at supporting student-led businesses and innovations, with students able to access up to N50m in equity-free funding.
The University of Lagos led the awards, with eight of its students each receiving N50m in equity-free funding for their groundbreaking projects.
Some of the institutions that produced winners were the University of Ilorin, Federal University of Technology, Minna, Lagos State University, and Bayero University, Kano.
Most of the solutions focused on leveraging Artificial Intelligence and technology to address societal challenges.
Speaking, Alausa charged tertiary institutions to refocus their outlook towards innovation and move away from teaching theory.
Alausa enjoined governing councils to focus on ensuring the emergence of vice-chancellors and rectors with innovative mindsets.
He said, “For too long, our tertiary institutions have been seen primarily as centres for certification. But under the leadership of President Bola Tinubu, we are redefining that narrative.
“Our institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions.”
He stressed that the initiative was targeted at unlocking the innate innovative potential of Nigerian students so that it does not die in the lecture rooms.
Alausa said, “Now, our students will not only learn, but they will create knowledge. Now, students will not only acquire theoretical understanding, but they will also operate at the highest levels of Bloom’s taxonomy, applying transformative critical thinking and research skills to advance the frontiers of knowledge and solve real societal problems.
“Not only will they create new solutions, but through upscaling and commercialisation, they will transform these innovations into vehicles for sustainable growth and economic development, with catalytic impact on improving the health and wealth of Nigerians.