UNILAG Students Hit Jackpot as Eight Startups Secure ₦50m FG Grant

Precious Omolu 13:28 - 30 July 2026

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The University of Lagos (UNILAG) has celebrated the success of eight student-founded startups that secured funding under the Federal Government's Student Venture Capital Grant scheme

UNILAG students are making big moves as eight startups secure a combined N50 million from the Federal Government's Student Venture Capital Grant after beating over 30,000 applicants nationwide.

Eight UNILAG student startups won a combined N50 million from the Federal Government's Student Venture Capital Grant.
Only 45 innovators were selected nationwide from more than 30,000 applications, with UNILAG producing eight winners.
NITHUB says it has trained over 20,000 Nigerians in digital skills and supported more than 100 startups in five years.
UNILAG says it's building an innovation-driven ecosystem where students turn ideas into successful businesses.

The University of Lagos (UNILAG) is having a major bragging moment after eight student-founded startups from the school secured a combined ₦50 million under the Federal Government's Student Venture Capital Grant scheme.

The announcement was made by the Vice-Chancellor, Prof. Folasade Ogunsola, during her opening speech at the maiden NITHUB Innovation Fair 2026, held on Tuesday at the university.

According to Ogunsola, the achievement wasn't by chance. She said it reflects years of intentionally building an innovation culture where students don't just graduate with degrees but also launch businesses that solve real problems.

The Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola, celebrated the eight student-led startups that secured ₦50 million from the FG Student Venture Capital Grant, emphasizing the university's deliberate shift toward entrepreneurship

She revealed that when the Federal Government introduced the Student Venture Capital Grant scheme, over 30,000 applications came in from across Nigeria. Out of that massive number, only 45 innovators were selected nationwide.

Interestingly, eight of those 45 successful innovators came from UNILAG, bringing home a total of ₦50 million in funding for their startups.

"I hosted those young founders in my office, and I can tell you that their poise and clarity would humble many seasoned executives.

"That outcome was not luck. It is what happens when training, infrastructure and opportunity are aligned on one campus, over time, on purpose," she said.

The vice-chancellor said universities can no longer focus only on lectures and research. According to her, higher institutions must also help students transform ideas into businesses that create jobs and solve everyday challenges.

She pointed to NITHUB, the National Information Technology Hardware and Software Development Centre, established in partnership with the National Information Technology Development Agency (NITDA), as one of the key drivers behind UNILAG's growing startup ecosystem.

The innovation hub provides training in high-demand tech skills, including artificial intelligence (AI), blockchain, data science, software engineering, the Internet of Things (IoT), hardware prototyping and startup mentorship.

Pioneer Director Dr. Victor Odumuyiwa highlighted that over 20,000 Nigerians have gained market-ready tech skills through the hub's training initiatives over the past five years.

Also speaking at the event, NITHUB Director, Dr. Victor Odumuyiwa, said the centre has trained more than 20,000 Nigerians in digital skills and supported over 100 startups in the last five years.

Reflecting on the hub's journey, Odumuyiwa said it started with virtually nothing when he became its pioneer director five years and five months ago.

Today, he said, the centre has become one of Nigeria's leading university innovation hubs.

"In five years, this hub has empowered over 20,000 people with technology skills. Not certificates gathering dust, but skills that pay.

"Our alumni are today writing code for international firms, earning in currencies their parents once only saw on exchange-rate boards, and lifting entire families as they rise."

He added that the centre has also developed more than 15 innovative products and services across sectors such as healthcare, finance, education and energy.

"We have developed over 15 innovative products and services within NITHUB, real solutions conceived, designed and built in health, finance, energy and education.

"We have supported over 100 startups through pre-incubation, incubation and acceleration.

"Some of them are in this hall right now, standing beside their products. Five years ago, they were ideas in notebooks. Today they are employers of labour."

The three-day NITHUB Innovation Fair 2026 features technology exhibitions, networking sessions and panel discussions designed to connect founders with investors, industry leaders and other players in Nigeria's growing tech ecosystem.

Speakers at the event included GiDiPIN and Patchwork founder Akinrodolu Oluwaseun, software developer Simi Oluwatomi, Flow Research co-founder Julian Duru, AI product developer Dr. Olumide Okubadejo, and Babatunde Fatai of MTN Nigeria, who shared insights on innovation, artificial intelligence, entrepreneurship and building sustainable tech businesses.

The Federal Government's Student Venture Capital Grant is part of ongoing efforts to encourage innovation among Nigerian students and support startups capable of creating jobs and driving economic growth.