The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, with 50 student-led businesses across Nigeria set to receive up to ₦50 million each in equity-free funding.
The initiative, known as the Next Moonshot Initiative, is targeted at student entrepreneurs with innovative Science, Technology, Engineering and Mathematics (STEM)-based business ideas.
National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the commencement of applications at a news conference in Abuja on Friday.
Onigbanjo said the programme was seeking exceptional student innovators nationwide, noting 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.
He explained that successful applicants would be eligible for up to ₦50 million equity-free grants to develop and scale their businesses.
According to him, the initiative is part of the Federal Government’s Renewed Hope Agenda and the Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM development pillar.
Onigbanjo said the programme was designed to help young Nigerians transform innovative ideas into sustainable businesses by providing access to much-needed capital and mentorship.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
He also called 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 added.
How applicants will be selected
Applications will first undergo AI-assisted screening, after which shortlisted entries will be evaluated by 10 human assessors.
Successful applicants at that stage will make virtual presentations, while finalists will attend a three-day boot camp and pitch their ventures physically before an evaluation committee.
Beyond the funding, winners will receive **six months of mentorship** backed by corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
Nationwide Roadshow Begins September 6
To drive participation, the Student Venture team and its partners will embark on a nationwide application roadshow from September 6 to September 30, 2026.
The roadshow will visit nine tertiary institutions across Nigeria’s six geopolitical zones, including 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 activated across 20 additional tertiary institutions to expand awareness and encourage applications.
Applications for the second cohort will close on September 30, 2026.
