Eight student-led startups from the University of Lagos (UNILAG) have secured a combined N50 million under the Federal Government’s Student Venture Capital Grant scheme, reinforcing the institution’s position as a growing centre for innovation and entrepreneurship.

The Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola, announced the achievement on Tuesday while delivering her opening address at the maiden NITHUB Innovation Fair 2026 held at the university.

Addressing participants on the theme, “University of Lagos as a Platform for Innovation and Enterprise,” Ogunsola said the institution is intentionally evolving beyond its traditional academic role to become a platform where innovative ideas are transformed into commercially viable businesses.

She explained that when the Federal Government introduced the Student Venture Capital Grant scheme, more than 30,000 applications were submitted nationwide. Out of those entries, only 45 innovators were selected, with eight of the successful beneficiaries coming from UNILAG.

According to the vice-chancellor, the eight student-founded ventures collectively attracted N50 million in funding.

“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.

Ogunsola noted that universities must now go beyond teaching and research by ensuring that the knowledge generated within their campuses is translated into practical solutions for societal problems and sustainable businesses.

She highlighted the role of the National Information Technology Hardware and Software Development Centre (NITHUB), established through a partnership with the National Information Technology Development Agency (NITDA), describing it as the university’s innovation engine.

According to her, the hub focuses on talent development, product innovation and startup incubation by providing training in artificial intelligence, blockchain, data science, software engineering, the Internet of Things, hardware prototyping and mentorship.

Also speaking at the event, the Director of the National Information Technology Hardware and Software Development Centre, NITHUB, University of Lagos, Dr. Victor Odumuyiwa, said the innovation hub has trained more than 20,000 Nigerians in digital skills and supported over 100 startups during the last five years.

Reflecting on his five years and five months as the pioneer director, Odumuyiwa said the centre has grown from having no staff, programmes or established record into one of Nigeria’s leading university-based innovation hubs.

He stated that within the period, NITHUB has equipped more than 20,000 people with technology skills, developed over 15 innovative products and services, and incubated more than 100 startups.

He said, “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.”

Speaking further, he said, “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, which commenced on Tuesday, features technology exhibitions, panel discussions and networking sessions designed to connect innovators with investors, industry leaders and key stakeholders within Nigeria’s technology ecosystem.

Among the panellists at one of the sessions were Founder of GiDiPIN and Patchwork, Akinrodolu Oluwaseun; software developer Simi Oluwatomi; Co-founder of Flow Research, Julian Duru; AI Product Developer and Innovation Strategist, Dr. Olumide Okubadejo; and Babatunde Fatai of MTN Nigeria.

Discussions during the session focused on innovation, entrepreneurship, artificial intelligence, startup growth, and strategies for building sustainable technology-driven businesses across Nigeria.

Source: Punch