The Federal Government has announced a N50 million Student Grant Venture Capital Initiative to support scaling student-led enterprises in tertiary institutions in the country.
Minister of Education, Olatunji Alausa.who made the disclosure on Wednesday in Abuja, noted that the scheme anchored by TETFund in partnership with the Bank of India, targets undergraduate students in 300-level and above with viable business models and innovations ready for market expansion.
He said: “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.”
Alausa who also inaugurated a high-powered Ministerial Committee to drive the commercialisation of research outputs from Nigeria’s tertiary institutions, said the initiative aims to bridge the gap between academia and industry by turning homegrown research into commercially viable products and services.
“Nations that have achieved sustainable development and global competitiveness have done so by investing in knowledge creation and, more importantly, in the effective commercialisation of research outputs.
Dr. Alausa said the Ministry, through the Tertiary Education Trust Fund (TETFund), has already rolled out several impactful projects to boost research, including the provision of central multipurpose laboratories, alternative energy for campuses, and medical simulation centres.
The minister however noted that despite a vibrant academic community and decades of groundbreaking research, the country was still struggling to scale innovations into real-world solutions.
“The weak link between academia and industry has limited our ability to reap the enormous benefits of research. This committee will serve as a strategic bridge between both worlds.
“The commercialisation of research outputs will not only generate revenue for institutions and researchers but will also enhance Nigeria’s self-reliance, improve the innovation index, and attract international investments.”
Minister of State for Education, Prof. Suwaiba Ahmad who described the inauguration as a landmark moment in Nigeria’s education and innovation history said, “For too long, research in our tertiary institutions has been reduced to tools for promotion rather than solutions for development. This must change.”
The Executive Secretary of TETFund, Arc. Sonny Echono, noted that the Fund has championed several initiatives geared towards promoting impactful research and to facilitate the uptake of research outcomes with potential commercialization.
“I am glad that this chairman of the committee has been a partner in our efforts and our journey to try and see how we can create synergy, to be a triple-headed, to bring government, a private sector, and our academia together.
“We have been working with the communities, communities of practice, communities of business, and even the local communities where these enterprises are to help galvanize and situate research properly as the engine of growth in the economy.”
Chairman of the committee, Dr. Tayo Aduloju who described the RICC as “a matter of national urgency,” noted that Nigeria’s research investment as a percentage of GDP was among the lowest when compared to peer nations.
Aduloju who is the CEO of the Nigerian Economic Summit Group (NESG), stressed there was an urgent need to build inter-ministerial collaboration and involve sub-national governments in the innovation process, sought the Minister’s support in convening a national innovation forum that would bring in all relevant ministries and state actors.
“If Mr. President’s ‘Nigeria First’ policy is to truly drive transformation, then innovation capital must lead the charge
“The private sector has been disconnected for too long. We are committed to building institutional linkages that last beyond this Committee’s lifespan.”
The committee, chaired by Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), has other members like Ibrahim Katampe, Umar Bindir, Sydney Ibeanusi, Detoun Ogwu, and representatives from the Federal Ministry of Science and Technology, the Bank of Industry, Manufacturers Association of Nigeria (MAN), and Nigerian universities, among others.
