The Federal Government of Nigeria has officially opened applications for the second cohort of the Student Venture Capital Grant (S‑VCG). This programme offers up to ₦50 million in equity‑free funding to 50 student‑led ventures across the country. The National Project Coordinator of the Special Programme Operations and Implementation Unit of the Federal Ministry of Education, Mr Adebayo Onigbanjo, announced this during a press briefing in Abuja.
The initiative, also called the “Next Moonshot Initiative,” is part of the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu. It is designed to help young Nigerians turn their innovative ideas into real businesses that can create jobs and contribute to the nation’s economy. The Minister of Education, Dr Tunji Alausa, is leading this effort to give students practical opportunities to move beyond the classroom and become founders of their own enterprises.
What the Grant Offers
Successful applicants will receive up to ₦50 million each in equity‑free funding from the Federal Republic of Nigeria. This means that the government does not take any ownership stake in the business in return for the money. The grant is meant to help student innovators develop and scale their ideas. In total, the government is making available up to ₦2.5 billion to support 50 student ventures under this second cohort.
Beyond the financial support, beneficiaries will also receive six months of structured mentorship from experienced organisations and business leaders. The mentorship programme connects student entrepreneurs with professionals across technology, logistics, e‑commerce, health, education and other sectors. Supporting organisations include Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth, among others. This expanded model reflects the Ministry’s focus on ensuring that student innovators receive more than just money – they also get access to business networks, industry expertise and practical support to move from proof of concept to sustainable enterprises.
Who Can Apply
The grant is open to students who are currently enrolled in a Nigerian university, polytechnic or college of education. Applicants must be at least in 300 level or its equivalent. Students below 300 level may still participate as members of teams led by qualifying students.
Applicants must also have a business name or company registered with the Corporate Affairs Commission. Their projects must have progressed beyond the proof‑of‑concept stage and must demonstrate real‑world potential. The programme targets student innovators developing solutions in science, technology, engineering, mathematics and medicine, which are collectively known as STEMM fields. However, applications are also welcome from students working on innovations in health, agriculture, education, technology, energy, logistics, e‑commerce and other related areas.
How the Selection Process Works
The selection process for the second cohort has been strengthened to ensure that only the most promising ventures are chosen. Applications will first go through Artificial Intelligence‑assisted screening. After that, a team of 10 human evaluators will assess the applications. Shortlisted applicants will then make virtual presentations before an Evaluation Committee. Finalists will proceed to a bootcamp where they will make in‑person presentations before a panel of venture capitalists, industry experts and academic leaders. The bootcamp also includes training and investor‑style feedback sessions to help finalists refine their business ideas before final funding decisions are made.
Nationwide Campus Mobilisation
To ensure that students across the country are aware of this opportunity, the S‑VCG team will embark on a nationwide campus mobilisation campaign from September 6 to September 30, 2026. The team will visit nine tertiary institutions across the six geopolitical zones. The institutions include the University of Abuja, Nile University, Abubakar Tafawa Balewa University in Bauchi, Bayero University Kano, Kano University of Science and Technology in Wudil, Federal Polytechnic Nekede in Owerri, Ambrose Alli University in Ekpoma, University of Lagos and Covenant University in Ota.
In addition, a Campus Ambassador Programme will be activated in 20 other tertiary institutions to extend awareness of the grant to even more students. The Ministry is also encouraging Vice‑Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators within their institutions and encourage them to apply.
Building on the Success of the First Cohort
The first cohort of the Student Venture Capital Grant, launched in late 2025, attracted 17,914 registrations from 404 institutions across all 36 states and the Federal Capital Territory within just three weeks of opening. Of these, 3,014 completed submissions underwent AI‑assisted screening and assessment by 10 human evaluators. Sixty‑five finalists advanced to a three‑day bootcamp held from March 27 to 29, 2026. From that group, 45 beneficiaries were selected and awarded grants totalling ₦2.25 billion. The University of Lagos recorded the highest number of beneficiaries, with eight students receiving a total of ₦400 million.
The success of the first cohort demonstrated the strong demand for this kind of support among Nigerian students. The government is now expanding the programme with the second cohort to reach even more young innovators.
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Transforming Tertiary Institutions to Centers for Innovations
Speaking at the bootcamp where the first cohort received their grants, Minister of Education Dr Tunji Alausa said that for too long, tertiary institutions have been seen primarily as centres for certification. He stated that under President Bola Tinubu and in line with the Renewed Hope Agenda, the government is redefining that narrative. Tertiary institutions must now become centres of innovation, engines of enterprise and launchpads for global solutions. The Student Venture Capital Grant is one of the boldest steps the government has taken to bring this vision to life.
The Minister also explained that the programme will strengthen Nigeria’s innovation ecosystem across universities, polytechnics and colleges of education. It will build a pipeline of young entrepreneurs and job creators and position Nigeria as a hub for deep‑tech and innovation‑driven growth. As Alausa put it, “This is how nations rise. Not by consuming ideas, but by creating them”.
The Resident Representative of the United Nations Development Programme in Nigeria, Ms Elsie Attafuah, described the event as a milestone and a structural pivot. She said it reflects a deliberate shift from an education system that has historically focused on producing graduates to one that is now being reoriented to produce founders, innovators and job creators at scale. She added that Nigeria has never had a talent problem, but rather a systems problem – an absence of a coherent pipeline that identifies talent, nurtures it, invests in it and ultimately connects it to markets and opportunity. Through this programme, Nigeria has made a clear and deliberate choice to invest in its talent, its ideas and a future defined not by resource extraction but by knowledge creation and enterprise.
How to Apply
Applications for the second cohort of the Student Venture Capital Grant are open now and will close on September 30, 2026. Interested students can apply through the official application portal at svcg.education.gov.ng. The programme is implemented in partnership with the Tertiary Education Trust Fund, the Bank of Industry and the Afara Initiative.
This is a rare and valuable opportunity for student innovators across Nigeria. The government is not only offering substantial funding but also mentorship, incubation support and access to cutting‑edge digital tools. Students with innovative ideas are encouraged to apply before the deadline.
