The Federal Government has launched a new funding program worth ₦2.5 billion for student entrepreneurs in Nigeria.
This initiative, known as the “Next Moonshot Initiative,” will offer equity-free grants of up to ₦50 million each to 50 selected ventures focusing on science, technology, engineering, and mathematics (STEM).
Applications opened this week and will close on September 30, 2026.
Adebayo Onigbanjo from the Federal Ministry of Education emphasized that the government aims to find 50 outstanding student-led businesses across Nigeria.
The first cohort of this program received an overwhelming response, with nearly 18,000 applications from various institutions. Only 45 ventures were funded.
The second cohort will slightly increase the number of beneficiaries while maintaining the funding limit.
Unlike traditional venture capital, this program does not require students to give up ownership of their businesses. Onigbanjo noted that many young innovators lack the capital to turn their ideas into viable businesses.
To help spread the word, the Student Venture team will conduct an application roadshow at nine universities across Nigeria from September 6 to 30. They aim to raise awareness and encourage more applications.
The selection process will begin with AI-assisted screening, followed by human evaluation. Shortlisted applicants will pitch their ideas before an evaluation committee.
The program also includes a six-month mentorship component, partnering with various organizations to provide guidance and support to the selected ventures.
The focus will be on areas such as health, agriculture, education, technology, energy, logistics, and e-commerce.
This funding initiative supports President Bola Tinubu’s Renewed Hope Agenda and the Nigeria Education Sector Renewal Initiative to promote STEM education.
With ₦2.5 billion available, the government hopes to inspire student-led businesses to transition from ideas to profitable enterprises.