Student-led businesses with STEM-based ideas can now apply for a new round of federal funding, with the Federal Government set to select 50 ventures for equity-free grants of up to ₦50 million each.
The funding is being offered under the second cohort of the Student Venture Capital Grant, also known as the Next Moonshot Initiative, which is designed to help young innovators develop their ideas into viable and scalable businesses.
Announcing the opening of applications in Abuja, the National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, said the government was seeking promising ventures capable of demonstrating innovation and growth potential.
“For Cohort 2, we are looking for quality applications from student innovators across Nigeria, from which 50 outstanding ventures will ultimately be selected,” he said.
The initiative is targeted at student entrepreneurs developing businesses rooted in Science, Technology, Engineering and Mathematics.
Onigbanjo said the government recognised that many young Nigerians already possess innovative ideas but lack the financial support required to turn those ideas into sustainable enterprises.
“Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further,” he said.
He said the scheme was part of the Federal Ministry of Education’s Nigeria Education Sector Renewal Initiative and aligned with President Bola Tinubu’s Renewed Hope Agenda, particularly its emphasis on STEM development.
Beyond providing funding, the programme is expected to expose participating entrepreneurs to mentorship and business development support.
Successful participants will receive six months of mentorship from a network of corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
The selection process will involve multiple stages. Applications will first undergo Artificial Intelligence-assisted screening before being reviewed by 10 human evaluators.
Shortlisted ventures will then make virtual presentations, while finalists will proceed to a three-day boot camp and an in-person pitch before the evaluation committee.
The government is also taking the application campaign beyond online platforms through a nationwide roadshow scheduled for September 6 to September 30.
The campaign will visit nine tertiary institutions representing the country’s six geopolitical zones. They 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 deployed in 20 other tertiary institutions to broaden awareness and encourage more student innovators to participate.
Onigbanjo said tertiary institutions should increasingly function as environments where ideas are transformed into solutions and businesses.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.
Applications for the second cohort will close on September 30, 2026.
