WorldStage— The Federal Government of Nigeria has opened applications for the second cohort of its landmark Student Venture Capital Grant. The fresh round aims to bankroll 50 outstanding student-led innovative ventures across the nation with equity-free funding of up to ₦50 million each.
The announcement was made during a press conference in Abuja on Friday, September 4, 2026, by Dr. Adebayo Onigbanjo, the National Project Coordinator of the Special Programmes Operations and Implementation Unit under the Federal Ministry of Education.
The Federal Government’s Student Venture Capital Grant (S-VCG) programme is a national initiative designed to provide up to ₦50 million in equity-free seed funding to student-led startups across Nigerian tertiary institutions.
Speaking to journalists, Dr. Onigbanjo disclosed that the application portal is active and will remain open until September 30, 2026.
He emphasized that the initiative, popularly known as the Next Moonshot Initiative, seeks to capture top-tier creative ideas from tertiary institution students nationwide.
The primary focus remains on students developing ground-breaking concepts in Science, Technology, Engineering, and Mathematics (STEM) fields.“For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected,” Dr. Onigbanjo said.
“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,” he added.
To maintain high standards, the selection process will feature a rigorous multi-stage review. According to the coordinator, STEM-based submissions will undergo initial AI-assisted screening, followed by thorough human evaluations by a panel of expert judges.
Beyond the financial injection, the 50 chosen student beneficiaries will be placed into a robust support framework, including six months of comprehensive corporate mentorship, incubation, and direct access to industrial tools.
Reflecting on the success of the debut round, Dr. Onigbanjo revealed that the first cohort attracted a staggering 17,914 applications from 404 tertiary institutions nationwide, ultimately producing 45 fully funded beneficiaries.
The coordinator added that the intervention heavily aligns with President Bola Tinubu’s Renewed Hope Agenda. It operates as a vital pillar of the Federal Ministry of Education’s Nigerian Education Sector Renewal Initiative (NESRI), which targets strengthening grassroots research, structural innovation, and functional youth entrepreneurship on campuses.
Eligible full-time undergraduate and postgraduate innovators are encouraged to apply before the midnight deadline on September 30 via the official ministry platforms.
The scheme operates under President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Federal Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI).
It seeks to shift tertiary campuses from mere academic centers into vibrant startup and innovation hubs that convert student research and prototypes into market-ready, patentable solutions.
Funding and support are dedicated strictly to STEMM fields: Science, Technology, Engineering, Mathematics, and Medical Sciences, with selected student founders receiving up to ₦50 million per venture without giving up company ownership or taking on debt.
Winners get structured incubation, expert mentorship, and access to industry and investment networks.
The initiative partners with public and private bodies like the Bank of Industry (BOI), TETFund, and major technology and corporate outfits.
Full-time undergraduate students at the 300-level or higher (in both public and private universities, polytechnics, and colleges of education) with registered Corporate Affairs Commission (CAC) business names can apply via the Student Venture Capital Grant Portal.
