The Federal Government on Tuesday launched a N50 million equity free grant for students in Nigerian tertiary institutions, aimed at promoting entrepreneurship, innovation and job creation among the country’s youth.
The initiative, announced at a ceremony in Abuja by the Minister of Education, targets final year undergraduates and recent graduates with viable business ideas across technology, agriculture, manufacturing and creative industries.
According to the minister, the grant will provide funding without repayment or government equity stake, ensuring students can fully own and operate their businesses.
“The objective is to transform young Nigerians from job seekers into job creators. This grant is a direct investment in the nation’s future,” he said.
The programme is designed to be transparent and competitive. Beneficiaries will undergo a rigorous application process, followed by mandatory business development training to enhance their chances of success. Selected financial institutions and innovation hubs will support disbursement and monitoring.
Economic experts say the initiative could significantly reduce youth unemployment if implemented effectively. Dr Sola Akinwale, a development economist, noted that “funding alone does not create sustainable enterprises. Technical support, market access and strong oversight are critical for long term impact.”
The Minister of Youth Development highlighted the urgency of the programme, citing that Nigeria’s youth unemployment rate remains among the highest in Africa. “Millions of graduates enter the labour market annually with limited opportunities. This grant seeks to address that gap,” she said.
Student leaders welcomed the initiative but called for clear public disclosure of beneficiaries to prevent bias and ensure accountability.
The grant is expected to commence registration nationwide in the first quarter of next year, with the government promising continuous oversight and post funding support to maximize impact.
