The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, offering up to ₦50 million each to 50 outstanding student-led businesses across Nigeria.

The National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the commencement of applications during a news conference on Friday in Abuja.

Onigbanjo said the initiative, also known as the “Next Moonshot Initiative,” would provide equity-free funding to student entrepreneurs developing businesses in Science, Technology, Engineering and Mathematics-related fields.

According to him, the application portal is open and will close on September 30, 2026.

“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.

“Successful applicants will be eligible to receive up to ₦50 million equity-free grant from the Federal Republic of Nigeria to develop and scale their businesses.”

He explained that beneficiaries would not be required to surrender any equity or ownership interest in their businesses in exchange for the funding.

To increase awareness and participation, the Student Venture team and its partners will conduct a nationwide application roadshow from September 6 to September 30.

The roadshow will visit nine tertiary institutions across the 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 in 20 additional tertiary institutions to expand the initiative’s reach.

Onigbanjo disclosed that applications would first undergo artificial intelligence-assisted screening before being assessed by 10 human evaluators.

Shortlisted applicants will make virtual presentations, while finalists will attend a three-day boot camp and pitch their businesses physically before an evaluation committee.

The selected ventures will also participate in a six-month mentorship programme supported by corporate and entrepreneurial organisations.

According to Onigbanjo, the programme is aligned with President Bola Tinubu’s Renewed Hope Agenda and constitutes a central component of the Ministry’s Nigeria Education Sector Renewal Initiative, particularly its STEM pillar.

“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.

“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born.”

Onigbanjo said the first cohort attracted 17,914 applications from 404 institutions across the 36 states and the Federal Capital Territory within three weeks, with 45 ventures eventually selected as beneficiaries.

He encouraged eligible student entrepreneurs working in health, agriculture, education, technology, energy, logistics and e-commerce to submit their applications before the September 30 deadline.

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