The Federal Government has thrown open a fresh funding window for student entrepreneurs, with 50 young innovators set to receive up to N50 million each under the second cohort of its Student Venture Capital Grant.
The programme, known as the Next Moonshot Initiative, is targeting students across Nigeria with promising business ideas rooted in Science, Technology, Engineering and Mathematics (STEM).
The National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of applications at a press conference in Abuja on Friday.
Onigbanjo said the government was looking for high-quality applications from student innovators, from which 50 ventures would be selected for funding.
Successful applicants will receive up to N50 million each as an equity-free grant, meaning beneficiaries will not be required to surrender ownership of their businesses in exchange for the funding.
The initiative is part of President Bola Tinubu’s Renewed Hope Agenda and falls under the Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM-focused programmes.
According to Onigbanjo, the scheme is designed to help students move beyond developing ideas in classrooms and laboratories to building businesses capable of creating jobs and solving real-world problems.
He stressed that Nigeria has no shortage of creative young people but that many promising ideas struggle because their creators lack access to funding and opportunities.
The government also wants tertiary institutions to become stronger breeding grounds for innovation, entrepreneurship and commercially viable solutions.
How the Selection Will Work
Applicants will first undergo Artificial Intelligence-assisted screening, after which 10 human evaluators will assess the submissions.
Those who make the shortlist will be invited to pitch their ventures virtually. Finalists will then attend a three-day boot camp before making their final presentations before an evaluation committee.
Beyond the cash, successful beneficiaries will also receive six months of mentorship from a network of corporate organisations and entrepreneurs.
Partners supporting the mentorship programme include Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
Nationwide Drive Begins
To ensure students across the country are not left out, the Student Venture team and its partners will embark on a nationwide application roadshow between September 6 and September 30.
The campaign will visit 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 activate a Campus Ambassador Programme across 20 additional tertiary institutions to spread awareness and encourage more students to apply.
Applications for Cohort 2 will close on September 30, 2026.
