The Federal Government has opened a new grant window worth up to ₦2.5 billion for 50 student-led ventures under the second cohort of the Student Venture Capital Grant.
The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant (S-VCG), with 50 outstanding student-led ventures set to receive up to ₦50 million each in equity-free funding.
The initiative, also known as the Next Moonshot Initiative, is targeted at student entrepreneurs developing innovative solutions in Science, Technology, Engineering, Mathematics and Medicine (STEMM)-related fields.
The National Coordinator of the Special Programme Operations and Implementation Unit (SPOI) at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of applications at a news conference in Abuja on Friday, September 4, 2026.
Onigbanjo said 50 ventures would ultimately be selected from applications submitted by student innovators across Nigeria, with each successful venture eligible for up to ₦50 million to develop and scale its business.
The funding is equity-free, meaning beneficiaries will not be required to surrender ownership of their businesses in exchange for the government support.
Applications opened on September 4 and will close on September 30, 2026.
To expand awareness and improve access, the Student Venture Capital Grant team and its partners will embark on a nationwide application roadshow from September 6 to September 30.
The campaign will visit nine tertiary institutions across Nigeria’s six geopolitical zones.
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.
A Campus Ambassador Programme will also be activated in 20 additional tertiary institutions to encourage eligible students to participate.
Onigbanjo said applications would undergo an initial artificial intelligence-assisted screening before being assessed by 10 human evaluators.
Shortlisted applicants will subsequently make virtual presentations, while finalists will participate in a three-day boot camp and pitch their ventures physically before an evaluation committee.
The second cohort will also provide successful applicants with six months of mentorship and access to business networks and practical support from participating corporate and entrepreneurial organisations.
The programme’s support network includes organisations such as Lafarge, Powerhouse, LifeBank, Future Africa, GetEquity and OneHealth, among others.
The second cohort builds on the response recorded during the inaugural S-VCG programme.
According to the Federal Ministry of Education, the first cohort attracted 17,914 registrations from 404 tertiary institutions across Nigeria’s 36 states and the Federal Capital Territory within three weeks of opening in November 2025.
Of the registrations, 3,014 completed applications proceeded to AI-assisted screening and assessment by 10 human evaluators. The process produced 65 finalists who participated in a three-day boot camp in March 2026, with 45 beneficiaries eventually selected.
The government said the expanded model is designed to go beyond financial support by connecting student entrepreneurs with mentors, industry networks and practical business expertise needed to develop and scale their ventures.
Onigbanjo said the programme aligned with President Bola Tinubu’s Renewed Hope Agenda and the Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEMM pillar focused on research, innovation and entrepreneurship.
He said the government was committed to creating opportunities for students to transform innovative ideas into viable businesses.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
He added that Nigerian universities, polytechnics and colleges of education should increasingly serve as environments where ideas are developed, solutions created and businesses established.
The coordinator encouraged eligible student innovators working in areas including health, agriculture, education, technology, energy, logistics and e-commerce to apply before the September 30 deadline.
The government said the initiative was intended to help close the early-stage funding gap facing young entrepreneurs while encouraging Nigerian tertiary institutions to become stronger centres of innovation, enterprise development and commercialisation.
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