FG to offer 50 student entrepreneurs ₦50m grants

The Federal Government announces the opening of applications for a second round of grants for student entrepreneurs, with a potential funding allocation of ₦50 million each to 50 selected ventures nationwide. The initiative, known as the Next Moonshot Initiative, is aimed at nurturing Science, Technology, Engineering and Mathematics (STEM)-based business ideas from student innovators across Nigeria.

Adebayo Onigbanjo, the National Coordinator for the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, revealed the announcement during a news conference in Abuja. He emphasized the government's intention to identify and support outstanding ventures through a rigorous application process, which includes an AI-assisted screening followed by assessments by human evaluators, virtual presentations, and a final pitch to an evaluation committee.

Successful applicants will receive equity-free grants of up to ₦50 million to develop and scale their businesses, aligning with the federal government's Renewed Hope Agenda. The initiative also emphasizes the importance of universities, polytechnics, and colleges of education in fostering innovation and entrepreneurship, with the Student Venture team embarking on a nationwide application roadshow to increase accessibility.