FG opens applications for N2.5 billion grant for 50 student innovators

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 Nigeria.

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

The initiative, also known as the Next Moonshot Initiative, will provide equity-free funding to student entrepreneurs with Science, Technology, Engineering and Mathematics (STEM)-based business ideas. Applications will close on September 30, 2026.

What the FG is saying

Onigbanjo said the government was seeking quality applications from student innovators across the country.

• “For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected.
• “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 the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and forms a central component of the Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEM pillar.

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

How the grant will work

Applications will undergo an initial Artificial Intelligence-assisted screening, followed by assessments by 10 human evaluators.

Shortlisted applicants will deliver virtual presentations, while finalists will attend a three-day boot camp and pitch their ventures in person to an evaluation committee.

Winning ventures will also 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, GetEquity and One Health, among others.

FG takes application drive to campuses

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 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 across 20 other tertiary institutions to extend the initiative’s reach.

Get up to speed

The second cohort follows the rollout of the Federal Government’s Student Venture Capital Grant in 2025, when the programme was introduced to provide up to N50 million in equity-free funding to student-led ventures.

The first application process attracted significant interest, with 30,639 students from 404 tertiary institutions eventually applying for the programme.

By March 2026, the Federal Government had shortlisted 65 student innovators for the final stage of the selection process.

The latest round gives another 50 student-led ventures an opportunity to access the grant.

What you should know

The grant is part of a broader push by the Federal Government to make entrepreneurship and innovation a bigger part of Nigeria’s tertiary education system.

In March 2026, the government launched the Entrepreneurship, Innovation and Business Incubation Certification (EIBIC) programme across 14 universities in its first phase, aimed at equipping students with practical skills to develop businesses and innovative solutions.

The initiative complements funding programmes such as the Student Venture Capital Grant by focusing on the skills and support systems students need to turn innovative ideas into viable businesses.