The federal government has opened applications for the second cohort of its student venture capital grant, offering up to N50 million each to 50 outstanding student-led ventures nationwide.

‎The national coordinator, Special Programme Operations and Implementation Unit (SPOI) at the Federal Ministry of Education, Adebayo Onigbanjo, announced this at a news conference on Friday in Abuja.

Mr ‎Onigbanjo said the initiative, also known as the “Next Moonshot Initiative,” would provide equity-free funding to student entrepreneurs with Science, Technology, Engineering and Mathematics (STEM)-based business ideas.

‎He said the application portal has opened and will close on September 30, 2026.

‎“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 N50 million equity-free grant from the Federal Republic of Nigeria to develop and scale their businesses,” he said.

‎He explained that the grant was designed to help student entrepreneurs develop and scale their businesses without surrendering equity or ownership.

‎To widen access, he said the Student Venture team and its partners would embark on a nationwide application roadshow from September 6 to September 30.

Mr ‎Onigbanjo said the roadshow would visit nine tertiary institutions across the six geopolitical zones.

The 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.

‎He added that a Campus Ambassador Programme would also be activated across 20 other tertiary institutions to extend the initiative’s reach.

Mr ‎Onigbanjo said applications would undergo an initial artificial intelligence-assisted screening, followed by assessments by 10 human evaluators.

‎He said shortlisted applicants would deliver virtual presentations, while finalists would attend a three-day boot camp and pitch their ventures in person to an evaluation committee.

‎According to him, winning ventures will also receive a six-month mentorship programme supported by corporate and entrepreneurial organisations, including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, Get Equity and One Health, among others.

‎He said the initiative was aligned with President Bola Tinubu’s Renewed Hope Agenda and formed a central component of the Ministry’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEM pillar.

‎Mr Onigbanjo said the government was committed to creating opportunities for students to transform innovative ideas into viable businesses.

‎“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.

‎Reflecting on the first cohort, he said the initiative attracted 17,914 applications from 404 institutions across the 36 states and the Federal Capital Territory (FCT) within three weeks.

‎He said the first cohort eventually selected 45 beneficiaries.

‎Mr Onigbanjo encouraged eligible student innovators in health, agriculture, education, technology, energy, logistics and e-commerce to apply before the deadline.

(NAN)