The Federal Government of Nigeria has unveiled a game-changing ₦2.5 billion funding program to empower the next generation of student entrepreneurs. The “Next Moonshot Initiative” aims to provide equity-free grants of up to ₦50 million each for 50 vibrant ventures focused on science, technology, engineering, and mathematics (STEM).
Kicking off this week, the application window will remain open until September 30, 2026, setting the stage for a fierce competition among student innovators nationwide. Adebayo Onigbanjo, from the Federal Ministry of Education, stated, “We are searching for 50 standout projects that can change the landscape of business in Nigeria.”
The previous cohort saw an overwhelming response, with nearly 18,000 applications pouring in from across the country, though only 45 ventures received the coveted funding. This time, the government is expanding opportunities while keeping the funding cap at ₦50 million per venture.
What makes this initiative unique? Unlike conventional investments, there’s no equity taken in these businesses, allowing young visionaries to fully retain ownership and control. Onigbanjo highlighted, “Our youths have the ideas; what they often lack is the necessary capital to bring those ideas to life.”
To ensure broad participation, the Student Venture team will hit the road, visiting nine universities from September 6 to 30. This outreach aims to inspire and equip potential applicants with the information they need to succeed.
The selection process is innovative, using AI for initial screening followed by human evaluations.
Selected finalists will showcase their ideas at a boot camp, culminating in live pitches to a seasoned evaluation committee.
In addition, recipients of the grants will benefit from a six-month mentorship program, linking them with industry experts and networks critical for growth.
Target sectors include health, agriculture, education, technology, energy, logistics, and e-commerce.
This initiative not only underscores President Bola Tinubu’s Renewed Hope Agenda but also aims to transform Nigerian campuses into hotbeds of entrepreneurship and innovation.
With ₦2.5 billion on the line, the stage is set for student-led ventures to soar from the chalkboard to the marketplace!