FG Opens N2.5bn Grant Window For 50 Student Innovators Under “Next Moonshot Initiative”
The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant (S-VCG), with 50 outstanding student-led ventures set to receive up to N50 million each in equity-free funding.
The initiative, also known as the “Next Moonshot Initiative,” is being implemented under the Federal Ministry of Education as part of President Bola Tinubu’s Renewed Hope Agenda. The programme is designed to help student entrepreneurs with Science, Technology, Engineering, Mathematics and Medicine (STEMM)-based business ideas develop and scale their ventures without surrendering equity or ownership.
The National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of the application portal at a news conference in Abuja on Friday. He stated that applications will be received from September 6 to September 30, 2026.
A nationwide campus mobilisation campaign will run concurrently from September 6 to September 30, 2026, to take information on eligibility and the application process directly to students across the country. The S-VCG team will visit nine tertiary institutions across the six geopolitical zones. The institutions include the University of Abuja, Nile University, Abubakar Tafawa Balewa University in Bauchi, Bayero University Kano, Kano University of Science and Technology in Wudil, Federal Polytechnic Kaduna, Ambrose Alli University in Ekpoma, the University of Lagos and Covenant University in Ota. A Campus Ambassador Programme will also be activated in 20 additional institutions to extend awareness to more students.
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Onigbanjo encouraged Vice-Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators within their institutions and encourage them to apply. He stressed that tertiary institutions should move beyond their traditional academic functions and become incubators for innovation, enterprise and problem-solving. “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.”
To qualify, applicants must be currently enrolled in a Nigerian university, polytechnic or college of education and must be at least 300 level or its equivalent. Students below 300 level may participate as members of teams led by qualifying students. Applicants must also have a Corporate Affairs Commission (CAC)-registered business name or company, while their projects must have progressed beyond proof of concept and demonstrate real-world potential. The programme is open to students developing solutions in health, agriculture, education, technology, energy, logistics, e-commerce and other STEMM-related fields.
For the second cohort, the selection process has been strengthened. Applications will undergo Artificial Intelligence-assisted screening and assessment by 10 human evaluators. Shortlisted applicants will make virtual presentations before an Evaluation Committee, while finalists will proceed to a three-day bootcamp and in-person pitch session. A major addition to the second cohort is a six-month mentorship programme for successful beneficiaries, aimed at helping student entrepreneurs navigate the practical challenges of building and scaling businesses. Through the initiative, student entrepreneurs will be connected with experienced organisations and business leaders across technology, logistics, e-commerce, health, education and other sectors. Supporting organisations include Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth, among others.
The second cohort builds on the strong response recorded during the inaugural S-VCG cycle, which attracted 17,914 registrations from 404 institutions across the 36 states and the Federal Capital Territory within three weeks of opening in November 2025. Of the institutions represented, 348 were public institutions and 56 were private institutions, while male participants accounted for 52 per cent and female participants 48 per cent. A total of 3,014 completed applications underwent AI-assisted screening and review by 10 human evaluators, while 65 finalists advanced to a three-day S-VCG Bootcamp held from March 27 to 29, 2026, where they presented their ventures to a panel comprising venture capitalists, industry experts and academic leaders. The first cohort selected 45 beneficiaries who received up to N50 million each in equity-free funding.
The S-VCG is implemented in partnership with the Tertiary Education Trust Fund (TETFund), Bank of Industry (BOI) and Afara Initiative. Onigbanjo added that the ministry, led by the Minister of Education, Dr Tunji Alausa, will continue to strengthen partnerships with tertiary institutions, development partners and the private sector to expand opportunities for student innovators and support them to take ideas from the classroom to the marketplace.