Abuja: The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, offering up to N50 million each to 50 outstanding student-led ventures across the country. The National Coordinator, Special Programme Operations and Implementation Unit (SPOI) at the Federal Ministry of Education, Mr. Adebayo Onigbanjo, announced this at a news conference in Abuja.
According to News Agency of Nigeria, Onigbanjo stated that the initiative, also known as the ‘Next Moonshot Initiative,’ would provide equity-free funding to student entrepreneurs with Science, Technology, Engineering, and Mathematics (STEM)-based business ideas. He revealed that the application portal is currently open and will close on September 30, 2026.
Onigbanjo emphasized the search for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will be selected. Successful applicants will be eligible to receive up to N50 million in equity-free grants from the Federal Republi
c of Nigeria to develop and scale their businesses. The grant is designed to help student entrepreneurs grow their businesses without surrendering equity or ownership.
To increase accessibility, the Student Venture team and its partners will conduct a nationwide application roadshow from September 6 to September 30, visiting nine tertiary institutions across six geopolitical zones. These 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. Additionally, a Campus Ambassador Programme will be activated in 20 other tertiary institutions to broaden the initiative’s reach.
Applications will undergo an initial Artificial Intelligence-assisted screening, followed by assessments by ten human evaluators. Shortlisted applicants will deliver virtual presentations, while finalists will attend a three-day boot ca
mp to pitch their ventures to an evaluation committee. Winning ventures will receive a six-month mentorship programme supported by corporate and entrepreneurial organisations, including Lafarge, Cellulant / Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, Get Equity, and One Health, among others.
Onigbanjo highlighted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and forms a central component of the Ministry’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEM pillar. The government is committed to creating opportunities for students to transform innovative ideas into viable businesses.
Reflecting on the first cohort, the initiative attracted 17,914 applications from 404 institutions across the 36 states and the Federal Capital Territory within three weeks, with 45 beneficiaries eventually selected. Onigbanjo encouraged eligible student innovators in health, agriculture, education, technology, energy, logistics, and e-com
merce to apply before the deadline.