The Federal Government has opened applications for the second cohort of the Student Venture Capital Grant (S-VCG), with 50 student led ventures set to receive up to ₦50 million each in equity free funding to develop and scale their businesses.
The initiative, driven by the Ministry of Education under the leadership of the Minister, Dr. Maruf Tunji Alausa (FAMedS), CON, is aimed at providing young Nigerian innovators with practical funding, mentorship and business support to transform promising ideas into viable enterprises.
The National Project Coordinator of the S-VCG, Mr. Adebayo Onigbanjo, announced the opening of the second cohort at a press briefing ahead of a nationwide campus mobilisation campaign scheduled for September 6–30, 2026.
According to him, the mobilisation campaign will take the programme directly to tertiary institutions across the country, particularly students developing solutions in science, technology, engineering, mathematics and medicine (STEMM).
The campaign will also provide students with information on eligibility requirements, application procedures and the selection process.
The S-VCG team is expected to visit nine tertiary institutions across Nigeria’s six geopolitical zones, including the University of Abuja, Nile University, Abubakar Tafawa Balewa University, Bayero University Kano, Kano University of Science and Technology, Wudil, Federal Polytechnic Nekede, Ambrose Alli University, University of Lagos and Covenant University, Ota.
A Campus Ambassador Programme will simultaneously be activated in 20 additional institutions to extend awareness of the funding opportunity to students nationwide.
The Ministry is urging Vice-Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators within their institutions and encourage eligible students to apply.
For the second cohort, the selection process has been strengthened with a combination of artificial intelligence and human assessment.
Applications will undergo AI-assisted screening and assessment by 10 human evaluators, after which shortlisted applicants will make virtual presentations before an Evaluation Committee. Finalists will then proceed to a bootcamp and in person presentations.
Beyond funding, successful beneficiaries will receive access to a six month mentorship programme designed to connect student entrepreneurs with experienced organisations and business leaders across technology, logistics, e-commerce, health, education and other sectors.
Supporting organisations include Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth, among others.
The expanded model is designed to ensure that student entrepreneurs receive not only capital, but also mentorship, industry connections and practical business support to help them develop and scale their ventures.
The second cohort builds on the significant response recorded during the inaugural S-VCG cycle, which attracted 17,914 registrations from 404 institutions across all 36 states and the Federal Capital Territory within three weeks of opening in November 2025.
Of the participating institutions, 348 were public and 56 private, while participation comprised 52 per cent male and 48 per cent female applicants.
A total of 3,014 completed submissions subsequently underwent AI-assisted screening and assessment by 10 human evaluators.
Sixty five finalists advanced to the three day S-VCG Bootcamp held from March 27–29, 2026, where they presented their ventures to a panel of venture capitalists, industry experts and academic leaders.
The S-VCG, also known as the “Next Moonshot Initiative,” is part of the Ministry’s Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEMM pillar focused on research, innovation and entrepreneurship.
The programme is being implemented in partnership with the Tertiary Education Trust Fund (TETFund), Bank of Industry (BOI) and Afara Initiative.
It is open to students developing innovations in areas including health, agriculture, education, technology, energy, logistics, e-commerce and other STEMM-related fields.
Applicants must be currently enrolled in a Nigerian university, polytechnic or college of education and be at least 300 level or its equivalent. Students below 300 level may participate as members of teams led by qualifying students.
Applicants must also have a CAC-registered business name or company, while their projects must have progressed beyond the proof of concept stage and demonstrate real world potential.
Applications are open through svcg.education.gov.ng and will close on September 30, 2026.
The Ministry said the programme would continue to deepen partnerships with tertiary institutions, development partners and the private sector to expand opportunities for student innovators and provide the support needed to move promising ideas from the classroom to the marketplace.
The initiative forms part of the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu, with the broader objective of building an education system that not only prepares young Nigerians for employment but also equips them to create enterprises, develop solutions and contribute to Nigeria’s economic transformation.
