The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, with 50 student-led ventures set to receive up to N50 million each.
The initiative, known as the Next Moonshot Initiative, targets student entrepreneurs with business ideas 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 opening of applications at a news conference in Abuja on Friday.
FG opens applications for second cohort
Onigbanjo said the government was seeking quality applications from student innovators across Nigeria. He added that only 50 outstanding ventures would emerge from the selection process.
“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.
Successful applicants will receive equity-free grants of up to N50 million to develop and scale their businesses.
The initiative forms part of the Federal Ministry of Education’s Nigeria Education Sector Renewal Initiative, particularly its STEM pillar. It also aligns with President Bola Tinubu’s Renewed Hope Agenda.
Onigbanjo said the programme would help students turn 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,” he said.
Applications to undergo screening
The government will subject applications to several stages of assessment before selecting the 50 beneficiaries.
The process will begin with artificial intelligence-assisted screening. Ten human evaluators will then assess the applications.
Shortlisted applicants will make virtual presentations, while finalists will attend a three-day boot camp. They will also pitch their ventures in person before an evaluation committee.
The successful ventures will receive six months of mentorship from corporate and entrepreneurial organisations supporting the programme.
Roadshow targets nine institutions
The Student Venture team and its partners will begin a nationwide application roadshow on September 6. The exercise will run until September 30, when applications for the second cohort will close.
The roadshow will visit nine tertiary institutions across Nigeria’s six geopolitical zones. They include the University of Abuja, Nile University, Abubakar Tafawa Balewa University, Bayero University Kano and Kano University of Science and Technology.
Others are Federal Polytechnic Kaduna, Ambrose Alli University, University of Lagos and Covenant University.
The government will also activate a Campus Ambassador Programme across 20 other tertiary institutions. The programme aims to increase awareness and encourage more student innovators to apply.
FG expands support for student innovators
Onigbanjo said universities, polytechnics and colleges of education should become stronger centres for innovation and entrepreneurship.
“Our universities, polytechnics and colleges of education must increasingly become places where ideas are developed, solutions created and businesses born,” he said.
The second cohort follows the first round of the grant, which attracted thousands of applications from tertiary institutions across Nigeria. The government eventually selected 45 beneficiaries from the first cohort.
The latest round will give another 50 student-led ventures access to equity-free funding and business support as they develop their innovations.
