The Federal Government has opened applications for the second cohort of the Student Venture Capital Grant (S-VCG), with 50 outstanding student-led ventures set to receive up to ₦50 million each in equity-free funding.
National Coordinator of the Special Programme Operations and Implementation Unit (SPOI) of the Federal Ministry of Education, Mr. Adebayo Onigbanjo, announced the opening of the application portal at a news conference during the weekend in Abuja.
According to him, the initiative, also known as the Next Moonshot Initiative, is targeted at student entrepreneurs developing innovative solutions in Science, Technology, Engineering, Mathematics and Medicine (STEMM)-related fields.
He said the application portal would remain open until September 30, 2026, adding that 50 exceptional ventures would be selected from entries received nationwide.
“For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected.
“Successful applicants will be eligible to receive up to ₦50 million equity-free grant from the Federal Republic of Nigeria to develop and scale their businesses,” Onigbanjo said.
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He explained that the programme was part of the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu and a component of the Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEMM pillar on research, innovation and entrepreneurship.
Onigbanjo said the grant was designed to address the funding challenges confronting young innovators and enable them transform promising ideas into viable and scalable businesses.
He disclosed that the selection process for the second cohort had been strengthened, beginning with Artificial Intelligence-assisted screening, followed by assessment by 10 human evaluators.
Shortlisted applicants would make virtual presentations before an Evaluation Committee, while finalists would proceed to a bootcamp and in-person pitch session.
Beyond the financial support, successful beneficiaries would also receive six months of mentorship from experienced organisations and business leaders across different sectors.
Among the organisations supporting the mentorship programme are Lafarge, Powerhouse, LifeBank, Future Africa, GetEquity and OneHealth, among others.
To increase awareness and participation, the S-VCG team will embark on a nationwide campus mobilisation campaign from September 6 to September 30, covering nine tertiary institutions across the six geopolitical zones.
The institutions include 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 be activated in 20 additional tertiary institutions to extend awareness of the grant opportunity to more students.
The National Coordinator urged Vice-Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators in their institutions and encourage them to apply.
The programme builds on the first cohort, which attracted 17,914 registrations from 404 tertiary institutions across the 36 states and the Federal Capital Territory within three weeks of opening in November 2025.
Of the submissions received, 3,014 completed applications underwent AI-assisted screening and assessment by 10 human evaluators, while 65 finalists advanced to a three-day bootcamp held in March 2026.
A total of 45 beneficiaries were eventually selected under the inaugural cohort.
Onigbanjo said the S-VCG was open to students developing solutions in areas including health, agriculture, education, technology, energy, logistics and e-commerce, stressing that eligible applicants must be currently enrolled in a Nigerian university, polytechnic or college of education and be at least in 300 level or its equivalent.
He added that students below 300 level may participate as members of teams led by qualifying students.
“Applicants must also have a CAC-registered business name or company, while their projects must have progressed beyond proof of concept and demonstrate potential for real-world application,” he said.
The S-VCG is implemented in partnership with the Tertiary Education Trust Fund (TETFund), Bank of Industry (BOI) and Afara Initiative.
Onigbanjo said the Federal Government remained committed to creating an environment where tertiary institutions could serve not only as centres of learning, but also as hubs for innovation, enterprise development and job creation.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.