The Federal Government has opened applications for the second cohort of the Student Venture Capital Grant, also known as the Next Moonshot Initiative, which will award up to N50 million each to 50 selected student-led businesses. The announcement was made by Adebayo Onigbanjo, National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, during a news conference in Abuja on Friday, September 4.
Programme Targets STEM-Focused Student Businesses
The programme specifically targets students who are building businesses around Science, Technology, Engineering and Mathematics (STEM). Onigbanjo stated, "For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected." He described the grants as equity-free, meaning recipients will not give up any ownership stake in their businesses. He added: "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."
Onigbanjo linked the initiative to President Bola Tinubu's Renewed Hope Agenda and the Ministry of Education's Nigeria Education Sector Renewal Initiative, particularly its STEM pillar. He argued that Nigerian institutions must go beyond classroom instruction, saying, "Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further."
Selection Process and Application Timeline
Submissions will pass through an Artificial Intelligence-assisted screening before 10 human evaluators review them. Candidates who make the shortlist will then give virtual presentations, and those who advance further will attend a three-day boot camp before pitching in person to an evaluation committee. Winners receive more than grant money; they also get six months of mentorship from corporate and entrepreneurial partners including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
Roadshow and Campus Ambassador Programme to Boost Participation
To boost participation, the Student Venture team and its partners will run a nationwide roadshow from September 6 to September 30, 2026, visiting nine institutions spread across Nigeria's six geopolitical zones. These 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, the University of Lagos and Covenant University. The government will also launch a Campus Ambassador Programme at 20 additional tertiary institutions to drive awareness beyond the roadshow stops. Applications close on September 30, 2026.
In a related development, the federal government has paid out more than N600 billion in cash transfers to over 10 million Nigerian households in the three years since President Bola Tinubu assumed office, according to the Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro. Doro disclosed the figures during an appearance on Politics Today, a Channels Television programme, where he outlined the ministry's interventions since 2023. Responding to criticism that individual payments were too modest to make a difference, the minister pushed back firmly.
