The Federal Government has opened applications for the second cohort of the Student Venture Capital Grant (S-VCG), with 50 outstanding student-led ventures expected to receive up to ₦50 million each in equity-free funding.
The 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 during a news conference in Abuja.
According to him, the programme, also known as the Next Moonshot Initiative, is designed to support student entrepreneurs developing innovative solutions in Science, Technology, Engineering, Mathematics and Medicine (STEMM)-related fields.
Onigbanjo said the application portal would remain open until September 30, 2026, after which 50 exceptional ventures would be selected from applications 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,” he said.
Grant Targets Young Innovators
Onigbanjo explained that the initiative is part of the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu and falls within the Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEMM pillar focusing on research, innovation and entrepreneurship.
He said the grant was created to address funding challenges facing young innovators and help them transform promising ideas into viable and scalable businesses.
AI-Assisted Screening Introduced
The selection process for the second cohort has been strengthened, with applications undergoing Artificial Intelligence-assisted screening before assessment by 10 human evaluators.
Shortlisted applicants will subsequently deliver virtual presentations before an Evaluation Committee, while finalists will proceed to a bootcamp and in-person pitch session.
Beyond the financial grant, successful beneficiaries will receive six months of mentorship from experienced organisations and business leaders across various sectors.
Mentorship partners include Lafarge, Powerhouse, LifeBank, Future Africa, GetEquity and OneHealth, among others.
Nationwide Campus Mobilisation Begins
To boost awareness and participation, the S-VCG team will conduct a nationwide campus mobilisation campaign from September 6 to September 30, covering nine tertiary institutions across Nigeria’s six geopolitical zones.
The institutions are:
- 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
- Covenant University
A Campus Ambassador Programme will also be activated in 20 additional tertiary institutions to expand awareness of the opportunity.
The National Coordinator urged Vice-Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators within their institutions and encourage them to apply.
45 Beneficiaries Selected in First Cohort
The second cohort builds on the inaugural S-VCG programme, 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, 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 first cohort.
Who Can Apply?
Onigbanjo said the grant is open to students developing solutions in areas including health, agriculture, education, technology, energy, logistics and e-commerce.
Eligible applicants must be currently enrolled in a Nigerian university, polytechnic or college of education and must be at least in 300 level or its equivalent.
Students below 300 level may, however, 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 the proof-of-concept stage and demonstrate potential for real-world application.
The S-VCG is being implemented in partnership with the Tertiary Education Trust Fund (TETFund), Bank of Industry (BOI) and Afara Initiative.
Applications Close September 30
Applications for the second cohort can be submitted through the official S-VCG portal, with the deadline set for September 30, 2026.
Onigbanjo said the Federal Government remained committed to transforming tertiary institutions into centres not only for learning, but also 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.
