Nigeria launches ₦50m grant scheme for student innovators

The Nigerian Federal Government has opened applications for the second cohort of the Student Venture Capital Grant (S-VCG), also referred to as the ‘Next Moonshot Initiative’. Under this program, 50 student-led ventures will each receive up to ₦50 million in equity-free funding to scale their businesses.

Targeting students specializing in science, technology, engineering, mathematics, and medicine (STEMM), the initiative aims to transform academic innovations into viable enterprises. The program is part of the Renewed Hope Agenda and the Nigeria Education Sector Renewal Initiative (NESRI).

A nationwide campus mobilization campaign is scheduled from September 6 to September 30, 2026, visiting nine tertiary institutions including the University of Abuja, Nile University, and the University of Lagos. Additionally, a Campus Ambassador Programme will be activated in 20 other institutions to increase awareness.

The selection process has been enhanced to include AI-assisted screening followed by assessments from 10 human evaluators. Successful beneficiaries will also gain access to a six-month mentorship program involving various corporate and entrepreneurial organizations.