By Adeniji Samuel
The Federal Government has commenced applications for the second cohort of the Student Venture Capital Grant (S-VCG), with 50 student-led businesses expected to receive equity-free funding of up to ₦50 million each to develop and expand their innovations.
The initiative, driven by the Federal Ministry of Education under the leadership of the Honourable Minister, Dr. Maruf Tunji Alausa (FAMedS), CON, is designed to provide young Nigerians with the resources and support needed to transform innovative ideas into sustainable businesses.
The programme is being implemented as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places emphasis on expanding opportunities for young Nigerians and strengthening their capacity to contribute to national economic development.
Speaking at a press briefing ahead of the nationwide mobilisation exercise, the National Project Coordinator of S-VCG, Mr. Adebayo Onigbanjo, announced that the campaign would run from September 6 to 30, 2026.
According to him, the mobilisation exercise will take the programme directly to tertiary institutions across the country, with particular attention to students developing solutions in Science, Technology, Engineering, Mathematics and Medicine (STEMM).
The campaign will also provide students with detailed information about eligibility requirements, the application process and the criteria that will guide the selection of beneficiaries.
As part of the exercise, the S-VCG team will visit nine tertiary institutions representing the six geopolitical zones. The institutions are the University of Abuja; Nile University; Abubakar Tafawa Balewa University, Bauchi; Bayero University Kano; Kano University of Science and Technology, Wudil; Federal Polytechnic Nekede, Owerri; Ambrose Alli University, Ekpoma; University of Lagos; and Covenant University, Ota.
In addition, the programme will establish a Campus Ambassador Programme in 20 other institutions, thereby expanding awareness and encouraging more student innovators to take advantage of the opportunity.
The Ministry has called on Vice-Chancellors, Rectors, Provosts, lecturers and student leaders to identify promising innovators within their institutions and encourage qualified students to submit applications.
Strengthened selection process
The second edition of the S-VCG comes with a more rigorous assessment system aimed at identifying ventures with strong potential for growth and real-world impact.
Applications will first undergo AI-assisted screening, followed by assessment from 10 human evaluators. Applicants who make the shortlist will be required to deliver virtual presentations before an Evaluation Committee.
Those who successfully progress through that stage will participate in a bootcamp and make physical presentations as part of the final selection process.
Beyond the financial support, the programme has introduced a six-month mentorship programme for successful beneficiaries. The mentorship component will connect student entrepreneurs with experienced organisations and business leaders in areas including technology, logistics, e-commerce, healthcare and education.
Organisations supporting the mentorship initiative include Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth, among others.
The expanded structure is intended to ensure that beneficiaries receive more than financial assistance, giving them access to business networks, professional guidance and practical support to help them develop and scale their ventures.
Strong foundation from first cohort
The second cohort builds on the significant interest generated by the inaugural S-VCG programme, which recorded 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 institutions while 56 were private institutions. Male applicants accounted for 52 per cent of the registrations, while female participation stood at 48 per cent.
Following the initial registration exercise, 3,014 completed applications underwent AI-assisted screening and evaluation by 10 human assessors.
A total of 65 finalists subsequently proceeded to the inaugural three-day S-VCG Bootcamp held from March 27 to 29, 2026. During the bootcamp, the finalists presented their ventures before a panel made up of venture capitalists, industry professionals and academic leaders.
Part of Nigeria's education renewal programme
The S-VCG, popularly known as the “Next Moonshot Initiative,” is a component of the Federal Ministry of Education’s Nigeria Education Sector Renewal Initiative (NESRI), particularly the STEMM pillar, which focuses 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.
Eligible students are those developing innovative solutions in areas such as health, agriculture, education, technology, energy, logistics, e-commerce and other STEMM-related fields.
To qualify, applicants must be currently enrolled in a Nigerian university, polytechnic or college of education and must be at 300 level or its equivalent. Students below 300 level can participate as members of teams led by students who meet the required level.
Applicants are also required to have a CAC-registered business name or company, while their projects must have moved beyond the proof-of-concept stage and demonstrate clear potential for real-world application.
Applications for the second cohort are currently open through svcg.education.gov.ng, with the deadline set for September 30, 2026.
The Federal Ministry of Education, under Dr. Alausa’s leadership, is expected to continue expanding collaboration with tertiary institutions, development partners and private-sector organisations to create more opportunities for student innovators.
Through the S-VCG, the Federal Government is seeking to build an education system that goes beyond preparing young Nigerians for employment by also equipping them to create businesses, develop practical solutions and participate actively in Nigeria’s economic transformation.
The initiative forms part of President Bola Ahmed Tinubu’s broader Renewed Hope vision of creating an environment where young Nigerians can convert their knowledge, creativity and innovations into sustainable enterprises.
Adeniji Samuel
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