FG to offer 50 student entrepreneurs ₦50m grants

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 ventures across Nigeria.

The initiative, also known as the Next Moonshot Initiative, is targeted at student entrepreneurs with Science, Technology, Engineering and Mathematics (STEM)-based business ideas.

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

Onigbanjo said the government was seeking quality applications from student innovators across the country, adding that 50 outstanding ventures would eventually be selected.

“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 added that successful applicants would receive funding to develop and scale 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 aligns with President Bola Tinubu’s Renewed Hope Agenda and forms part of the Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM pillar.

Onigbanjo said the programme was designed to create opportunities for students to turn 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 said universities, polytechnics and colleges of education should increasingly serve as centres for innovation and entrepreneurship.

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

Applications will 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 in person to an evaluation committee.

Winners will also receive six months of mentorship supported by corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.

To widen access to the programme, the Student Venture team and its partners will embark on a nationwide application roadshow from September 6 to September 30.

The roadshow will visit nine tertiary institutions across Nigeria’s 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 across 20 other tertiary institutions to extend awareness and participation.

Applications for the second cohort will close on September 30, 2026.