The Federal Government has commenced applications for the second cohort of its Student Venture Capital Grant, with 50 student-led businesses set to receive up to ₦50 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.
According to The Punch, the National Coordinator, Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, disclosed this on Friday during a press briefing in Abuja.
Onigbanjo said the government was interested in attracting strong applications from student innovators nationwide, noting that 50 ventures would eventually 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 candidates would be provided with financial support to expand and develop 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 supports President Bola Tinubu’s Renewed Hope Agenda and is part of the Federal Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its focus on STEM education.
He said the scheme was established to help students transform innovative concepts into sustainable businesses, stressing that access to funding remained a major challenge for many young innovators.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
Onigbanjo also urged universities, polytechnics and colleges of education to play a greater role in fostering innovation, entrepreneurship and business development.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.
The selection process will begin with an Artificial Intelligence-assisted screening of applications, after which 10 human evaluators will assess the shortlisted entries.
Successful candidates at the next stage will deliver virtual presentations, while finalists will attend a three-day boot camp and pitch their ventures physically before an evaluation committee.
Winners will also receive six months of mentorship from corporate organisations and entrepreneurs, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
To encourage participation across the country, the Student Venture team and its partners will conduct an application roadshow between September 6 and September 30.
The campaign will cover nine tertiary institutions spread 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 organisers will also introduce a Campus Ambassador Programme in 20 additional tertiary institutions to increase awareness and participation.
Applications for the second cohort are scheduled to close on September 30, 2026.
