The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, with 50 student-led businesses set to receive equity-free funding of up to N50 million each.
The programme, known as the Next Moonshot Initiative, is designed to support student entrepreneurs developing businesses 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 commencement of applications on Friday in Abuja.
He said the government was particularly interested in identifying promising student innovators capable of developing their ideas into sustainable businesses.
“For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected,” Onigbanjo said.
Successful candidates, he added, would be eligible for grants of up to ₦50 million to develop and expand their ventures.
“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.
Onigbanjo said the initiative was part of the Federal Government’s efforts to address the funding challenges confronting young innovators and encourage entrepreneurship within tertiary institutions.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
He said institutions such as universities, polytechnics and colleges of education should play a greater role in transforming students’ ideas into commercial ventures.
The selection process will begin with an Artificial Intelligence-assisted screening of applications, after which 10 human evaluators will assess the submissions.
Candidates who make the shortlist will proceed to virtual presentations, while finalists will attend a three-day boot camp before pitching their ventures physically to an evaluation committee.
Beyond funding, beneficiaries will receive six months of mentorship with support from corporate organisations and entrepreneurs, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
The organisers will also conduct a nationwide campaign to increase awareness of the opportunity and encourage applications from students across the country.
The application roadshow, scheduled for September 6 to September 30, will cover nine tertiary institutions representing Nigeria’s six geopolitical zones.
Institutions on the itinerary 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.
A Campus Ambassador Programme will also be introduced in 20 additional tertiary institutions to broaden awareness and participation.
Applications for the second cohort of the Student Venture Capital Grant will close on September 30, 2026.
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