Apply Now: FG Opens Applications for ₦50m Student Grant, Link to Apply Emerges
- The Federal Government launched applications for its second cohort of the Student Venture Capital Grant, offering up to ₦50 million per winner
- 50 student-led STEM ventures across Nigeria will be selected, with winners also getting six months of mentorship from top corporate partners
- A nationwide roadshow across nine universities and polytechnics will run from September 6 to September 30 to boost applications
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The federal government has opened applications for the second round of its Student Venture Capital Grant, which will distribute up to ₦50 million each to 50 student entrepreneurs running science and technology-based businesses across Nigeria.
The National Coordinator of the Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening at a news conference in Abuja on Friday, September 4.
Source: Twitter
The programme, also called the Next Moonshot Initiative, targets students with business ideas built on Science, Technology, Engineering and Mathematics (STEM). Onigbanjo said the government wants quality entries from innovators at all levels of tertiary education.
"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.
Selected candidates will receive funding with no equity conditions attached.
"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," Onigbanjo said.
Why the government launched the initiative
Onigbanjo linked the programme to President Bola Tinubu's Renewed Hope Agenda and the Ministry of Education's Nigeria Education Sector Renewal Initiative, specifically its STEM pillar.
He argued that Nigerian tertiary institutions must do more to nurture business ideas, not just academic qualifications.
"Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further," he said.
He called on universities, polytechnics and colleges of education to become centres where "ideas are developed, solutions created and businesses born."
How the selection process works
Applications will first go through an artificial intelligence-assisted screening, after which a panel of 10 human evaluators will review shortlisted entries.
Candidates who progress further will make virtual presentations before finalists are invited to a three-day boot camp, where they will pitch their ventures in person to an evaluation committee.
Winners will also receive six months of mentorship supported by organisations including Lafarge, Cellulant/Childtech, Powerhouse, Co-Creation Hub/African Stalking, LifeBank, Future Africa, GetEquity and One Health.
To reach students in all parts of the country, the Student Venture team and its partners will conduct a nationwide roadshow from September 6 to September 30. The tour will cover nine institutions spanning Nigeria's six geopolitical zones: 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 rolled out across 20 additional tertiary institutions to extend the reach of the initiative further. Applications close on September 30, 2026.
FG’s ₦50,000 grant for small businesses
Previously, Legit.ng reported that running a small business in Nigeria has never been easy. From rising operating costs and inflation to limited access to affordable credit, many entrepreneurs struggle to keep their businesses afloat, let alone expand them.
For thousands of roadside traders, artisans, food vendors, tailors, hairdressers and digital entrepreneurs, securing a bank loan often remains out of reach due to collateral requirements and high interest rates.
Source: Legit.ng
