By Charles Ebi
Federal government has announced a N50 million venture capital grant for outstanding students in Science, Technology, Engineering, Mathematics, and Medicine ,STEMM, fields through the Tertiary Education Trust Fund ,TETFund.
This initiative, dubbed the “Student Grant Venture Capital Initiative”, aims to support high-achieving STEMM students in Nigerian universities, starting from 300 Level.
The grant amount is up to N50 million, and the rollout is expected between September and October 2025.
The Minister of Education, Dr. Tunji Alausa, revealed this initiative at the inauguration of the Research and Innovation Commercialisation Committee ,RICC, held yesterday in Abuja.
He added that a panel led by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group ,NESG, will determine the eligibility criteria for the grant.
The minister noted that the goal of the committee was to bridge the gap between academia and industry, and to promote the translation of research into tangible products, services, and proffer solutions that can drive industrial growth, create jobs, and solve real-world problems.
He emphasised the importance of research and innovation in modern economies, noting that nations that have achieved sustainable development and global competitiveness have done so by investing heavily in knowledge creation and effective commercialization of research outputs.
“…Locally developed technologies reduce dependence on foreign solutions, enhance national capacity, and offer context-specific innovations tailored to local challenges in key sectors such as agriculture, health, energy, and more.
“A robust research commercialization ecosystem elevates a country’s reputation in the global innovation index, attracts foreign investment, opens up opportunities for international collaboration, and enhances the global competitiveness of the economy”, he said.
He added that the weak link between academia and industry has limited Nigeria’s ability to reap the enormous benefits of the various research outcomes in the country.
“Globally, successful innovation ecosystems thrive on the synergy between academia, industry, and government using the Triple Helix Model. The constitution of this committee to drive bench-to-market research commercialization is a strategic initiative that aligns with the Ministry’s overarching goal of repositioning Nigeria’s higher education sector as a catalyst for national development.
“ This is also in line with Mr. President’s vision to strengthen our research and innovation capacity and move the country to a Knowledge-based Economy”, he said.
He commended the Tertiary Education Trust Fund ,TETFund, for their efforts in strengthening the research and innovation landscape in Nigeria.
According to the minister, the committee’s terms of reference include bridging the research-to-market gap, establishing an enabling framework for co-creation, funding, incubation, and scale-up of innovations, and promoting policy alignment that supports innovation financing, intellectual property rights, and ease of doing business.
Alausa urged the committee members to approach their assignment with diligence, foresight, and patriotism, and to develop a framework that will encourage collaboration, protect intellectual property, incentivize innovation, and attract the private sector.
“ Your recommendations must not only reflect the best global practices but also be tailored to our local context and national priorities. Let us develop a framework that will encourage collaboration, protect intellectual property, incentivize innovation, and attract the private sector”, he said.
Also speaking, the Minister of State for Education, Prof. Suwaiba Ahmad, emphasised the need for a strong synergy between academia and industry to build a robust and sustainable future.
“For too long, there has been a worrisome disconnect between academia and the industry, such that research being conducted in our tertiary institutions has become a mere tool for career advancement”, she said.
She added that the committee’s establishment is a strategic intervention aimed at addressing the critical gap between academic research and industrial application.
Ahmad expressed appreciation to the committee members for accepting the noble responsibility and urged them to approach their task with dedication and integrity. The committee’s work is expected to have a lasting impact on the future of Nigeria’s research and innovation ecosystem.
The Research and Innovation Commercialization Committee consists of 11 members, including the NESG Boss, Dr. Tayo Aduloju as Chairman, representatives from various universities and industries, and experts in research and innovation, with the Research and Development/Centers of Excellence Department of TETFund serving as the Secretariat.
