The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, with 50 student-led businesses expected to receive up to N50 million each to develop and scale their ventures.
The programme, known as the Next Moonshot Initiative, is designed to support student entrepreneurs whose businesses or innovative ideas are rooted in 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.
He called on student innovators across the country to submit strong applications, stressing that only 50 ventures would emerge from the selection process.
“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.
Successful applicants, according to Onigbanjo, will receive substantial financial support without giving up equity in 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,” he said.
The initiative is part of the Federal Government's broader effort to encourage innovation, entrepreneurship and the commercialisation of ideas emerging from Nigeria's tertiary institutions.
Onigbanjo said the programme was aligned with President Bola Tinubu's Renewed Hope Agenda and formed part of the Ministry of Education's Nigeria Education Sector Renewal Initiative, particularly its STEM pillar.
He said the government was seeking to bridge the gap between innovative ideas and the financial resources required to turn them into sustainable businesses.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
According to him, tertiary institutions must play a greater role in developing the next generation of entrepreneurs and innovators rather than serving only as centres of academic instruction.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.
Multi-stage selection process
Applicants will face a multi-stage selection process designed to identify ventures with strong potential for growth and impact.
The first stage will involve Artificial Intelligence-assisted screening of applications. Those that progress will then be assessed by 10 human evaluators, providing an additional layer of expert review.
Shortlisted applicants will subsequently deliver virtual presentations of their ventures. Finalists will be invited to a three-day boot camp, after which they will pitch their businesses in person before an evaluation committee.
Beyond funding, successful participants will receive six months of mentorship from a network of corporate and entrepreneurial organisations.
The organisations supporting the mentorship component include Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
Taking the programme to campuses
In a bid to broaden participation and ensure students across the country are aware of the opportunity, the Student Venture team and its partners will embark on a nationwide application roadshow from September 6 to September 30.
The campaign will cover Nigeria's six geopolitical zones, with visits planned to nine tertiary institutions.
The institutions are 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 government will also activate a Campus Ambassador Programme in 20 additional tertiary institutions to expand awareness and encourage more students to participate.
The strategy is intended to take the opportunity directly to campuses and reach students who may have promising ideas but limited access to information, funding or entrepreneurial networks.
Deadline
Applications for the second cohort of the Student Venture Capital Grant will close on September 30, 2026.
With grants of up to N50 million available to each of the 50 selected ventures, the initiative represents a major government push to encourage student entrepreneurship and move promising STEM ideas from classrooms and laboratories into the marketplace.