The federal government has opened applications for the second cohort of its Student Venture Capital Grant, with up to ₦50 million in equity-free funding available to each of 50 outstanding student-led ventures across Nigeria.
The initiative, known as the Next Moonshot Initiative, is targeted at student entrepreneurs with business ideas based on Science, Technology, Engineering and Mathematics (STEM).
The National Coordinator, Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of applications at a news conference in Abuja on Friday.
Onigbanjo said the government was seeking quality applications from student innovators nationwide, adding that 50 outstanding ventures would eventually be selected.
“For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected,” he said.
He added that successful applicants would receive funding to develop and scale their businesses.
“Successful applicants will be eligible to receive up to N50 million equity-free grant from the Federal Republic of Nigeria to develop and scale their businesses,” Onigbanjo said.
According to him, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and forms part of the Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM pillar.
Onigbanjo said the programme was designed to provide students with opportunities to transform innovative ideas into viable businesses.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
He stressed the need for tertiary institutions to play a greater role in fostering innovation and entrepreneurship.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.
According to the ministry, applications will first undergo Artificial Intelligence-assisted screening before being assessed by 10 human evaluators.
Shortlisted applicants will subsequently make virtual presentations, while finalists will participate in a three-day boot camp before pitching their ventures in person to an evaluation committee.
The winners will also receive six months of mentorship supported by corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
To widen access and encourage applications, the Student Venture team and its partners will embark on a nationwide application roadshow from September 6 to September 30.
The roadshow will visit nine tertiary institutions across Nigeria’s six geopolitical zones.
The institutions include the University of Abuja, Nile University, Abubakar Tafawa Balewa University, Bayero University Kano, Kano University of Science and Technology, Federal Polytechnic Kaduna, Ambrose Alli University, University of Lagos and Covenant University.
The ministry will also activate a Campus Ambassador Programme across 20 other tertiary institutions to increase awareness and participation.
Applications for the second cohort of the Student Venture Capital Grant will close on September 30, 2026.
