The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, offering up to ₦50 million each to 50 outstanding student-led ventures across Nigeria.

The initiative, also known as the Next Moonshot Initiative, targets student entrepreneurs with Science, Technology, Engineering and Mathematics (STEM)-based business ideas.

The National Coordinator, Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of applications at a news conference in Abuja on Friday.

Onigbanjo said the government was seeking quality applications from student innovators across the country, from which 50 outstanding ventures would be selected.

He said successful applicants would receive up to ₦50 million in equity-free grants to develop and scale their businesses.

According to him, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and forms part of the Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM pillar.

“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.

Applications will undergo an initial Artificial Intelligence-assisted screening before being assessed by 10 human evaluators.

Shortlisted applicants will subsequently make virtual presentations, while finalists will participate in a three-day boot camp and pitch their ventures in person to an evaluation committee.

Winners will also receive six months of mentorship from corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.

To widen access, the Student Venture team and its partners will embark on a nationwide application roadshow from September 6 to September 30, visiting nine tertiary institutions across Nigeria’s six geopolitical zones.

A Campus Ambassador Programme will also be activated across 20 other tertiary institutions to increase awareness and participation.

Applications for the second cohort will close on September 30, 2026.