FG Opens Applications for ₦2.5bn Grant to 50 Student Innovators
Tunji Alausa
The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, providing up to ₦50 million each to 50 outstanding student-led ventures across Nigeria.
The initiative, known as the Next Moonshot Initiative, will provide equity-free funding to student entrepreneurs developing Science, Technology, Engineering and Mathematics (STEM)-based business ideas. Applications opened on September 4 and will close on September 30, 2026.
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50 Student Ventures to Receive Funding
The Federal Government plans to select 50 ventures from applications submitted by student innovators across the country.
Each successful applicant will be eligible for up to ₦50 million in equity-free funding. This means beneficiaries will not have to surrender ownership of their businesses in exchange for the government funding.
Adebayo Onigbanjo, National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, announced the application window at a news conference in Abuja.
He said the programme was designed to help students move innovative ideas beyond the development stage and build viable businesses.
Application Process Includes AI Screening
Applications will initially undergo artificial intelligence-assisted screening before being assessed by 10 human evaluators.
Shortlisted applicants will make virtual presentations, while finalists will participate in a three-day boot camp before pitching their ventures to an evaluation committee.
Successful ventures will also receive six months of mentorship from corporate and entrepreneurial organisations participating in the programme.
FG Takes Grant Programme to Tertiary Institutions
The government will also run a nationwide application roadshow from September 6 to September 30 to increase awareness and participation.
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 operate across 20 additional tertiary institutions.
Programme Builds on Previous Cohort
The second cohort follows the first round of the Student Venture Capital Grant, which attracted significant interest from students across the country.
According to the Federal Government, the previous application process attracted 30,639 students from 404 tertiary institutions, while 65 student innovators were eventually shortlisted for the final stage.
The new ₦2.5 billion funding round will provide another opportunity for student entrepreneurs to secure capital without giving up equity in their businesses.
Innovation Could Support New Economic Activity
The Federal Government said the initiative forms part of the Nigeria Education Sector Renewal Initiative, particularly its STEM pillar, under President Bola Tinubu's Renewed Hope Agenda.
The programme is intended to strengthen the connection between tertiary education, entrepreneurship and business creation by providing students with both funding and mentorship.
For Nigeria's wider economy, successful student ventures could generate employment, attract private investment and create demand for commercial infrastructure as businesses grow.
The effect on the property sector would likely be indirect, but successful startups could eventually increase demand for offices, co-working spaces, light industrial facilities, warehouses and other commercial property.
Outlook
The application window for the second cohort will remain open until September 30, 2026, with the government targeting 50 student-led ventures for funding.
The success of the programme will ultimately depend on how effectively beneficiaries convert the equity-free capital and mentorship into sustainable businesses. For Nigeria's innovation ecosystem, however, the expansion of student-focused funding provides another channel for turning ideas developed in tertiary institutions into commercially viable enterprises.
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