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

The Federal Government has launched applications for the second phase of its Student Venture Capital Grant, allocating up to N50 million each to 50 exceptional student-led ventures across Nigeria. National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, unveiled the initiative at a press conference in Abuja.

Known as the Next Moonshot Initiative, the scheme offers equity-free funding to STEM-focused business concepts proposed by students. Applications must be submitted by September 30, 2026. Onigbanjo emphasized the need for high-quality proposals from innovators nationwide. The project aligns with President Bola Tinubu’s Renewed Hope Agenda and is a key element of the Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEM focus.

The government pledges to create avenues for students to convert innovative ideas into profitable businesses. Applications will initially undergo AI-assisted screening, followed by evaluations by 10 human experts. Selected candidates will present virtually, with finalists attending a three-day boot camp and pitching their ventures in person to a committee.

Winning ventures will also receive a six-month mentorship program backed by various corporate and entrepreneurial organizations. 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 in six geopolitical zones.

A Campus Ambassador Programme will be launched at 20 additional tertiary institutions to expand the initiative's reach. The second cohort is based on the successful launch of the Student Venture Capital Grant in 2025, which received 30,639 applications from 404 institutions. By March 2026, the government had shortlisted 65 student innovators for the final stage.

This new round presents another 50 student ventures with opportunities for funding. The grant is part of the government's broader strategy to integrate entrepreneurship and innovation into Nigeria's tertiary education system. In March 2026, the government introduced the Entrepreneurship, Innovation and Business Incubation Certification (EIBIC) program in 14 universities, aiming to equip students with practical skills to develop businesses and innovative solutions.

This initiative complements funding programs like the Student Venture Capital Grant by emphasizing the skills and support systems needed for students to transform ideas into viable businesses.