The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, with 50 student-led businesses expected to receive equity-free funding of up to ₦50 million each.

The initiative, known as the Next Moonshot Initiative, is designed to support student entrepreneurs developing innovative businesses based on Science, Technology, Engineering and Mathematics.

The National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the commencement of the application process in Abuja.

He said the programme was seeking promising student innovators from across the country, with only 50 outstanding ventures to be selected for funding.

Successful applicants will be able to access up to ₦50 million in equity-free grants to develop, expand and commercialise their businesses without giving up ownership.

The initiative is part of the Federal Government’s broader efforts to promote innovation and entrepreneurship within tertiary institutions and provide young Nigerians with access to the capital needed to transform ideas into viable businesses.

Applications will undergo an initial artificial intelligence-assisted screening before shortlisted entries are assessed by 10 human evaluators. Those who progress will make virtual presentations, while finalists will participate in a three-day boot camp before pitching their ventures to an evaluation panel.

Beyond the financial support, successful beneficiaries will receive six months of mentorship from participating corporate and entrepreneurial organisations.

To encourage wider participation, organisers will hold a nationwide application roadshow from September 6 to September 30, covering nine tertiary institutions across Nigeria’s six geopolitical zones.

The participating 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 introduced in 20 additional tertiary institutions to increase awareness of the opportunity.

Applications for the second cohort of the Student Venture Capital Grant will close on September 30, 2026.