The Federal Government has expanded its support for student entrepreneurs with the opening of the second cohort of the Student Venture Capital Grant (S-VCG), offering up to ₦50 million in equity-free funding to each of 50 selected student-led ventures.

The initiative, being driven by the Federal Ministry of Education under the leadership of Minister of Education, Dr. Maruf Tunji Alausa, is designed not only to provide funding but also to help young innovators transform ideas developed in tertiary institutions into sustainable businesses.

The National Project Coordinator of the S-VCG, Adebayo Onigbanjo, announced the commencement of the new cycle at a press briefing ahead of a nationwide campus mobilisation campaign scheduled for September 6 to 30, 2026.

Under the expanded model, successful beneficiaries will receive six months of structured mentorship and access to experienced organisations and business leaders in sectors including technology, logistics, e-commerce, health and education.

Among the organisations supporting the mentorship component are Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth.

The Ministry says the approach is aimed at ensuring that student innovators do not only receive financial support but also gain the networks, business knowledge and practical guidance required to develop and scale their ventures.

As part of efforts to reach potential beneficiaries directly, the S-VCG team will visit nine tertiary institutions across the country’s six geopolitical zones. The institutions include the University of Abuja, Nile University, Abubakar Tafawa Balewa University, Bayero University Kano, Kano University of Science and Technology, Federal Polytechnic Nekede, Ambrose Alli University, University of Lagos and Covenant University.

A Campus Ambassador Programme will also be activated in 20 other tertiary institutions to broaden awareness of the opportunity.

The second cohort introduces a more rigorous selection process. 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 subsequently participate in a bootcamp and make in-person presentations as part of the final selection process.

The scheme builds on the first S-VCG cycle, which recorded 17,914 registrations from 404 tertiary institutions across Nigeria’s 36 states and the Federal Capital Territory within three weeks of opening in November 2025.

According to the Ministry, 3,014 completed applications from the first cohort underwent AI-assisted screening and human evaluation, with 65 finalists eventually selected for a three-day bootcamp held from March 27 to 29, 2026.

The S-VCG, also known as the “Next Moonshot Initiative”, is being implemented under the Nigeria Education Sector Renewal Initiative (NESRI), particularly its STEMM pillar focusing on research, innovation and entrepreneurship.

The programme is implemented in partnership with the Tertiary Education Trust Fund, Bank of Industry and Afara Initiative.

Students working on innovations in health, agriculture, education, technology, energy, logistics, e-commerce and other STEMM-related areas are eligible to apply.

Applicants must be enrolled in a Nigerian university, polytechnic or college of education and be at least in 300 level or its equivalent. Students below 300 level can participate as members of teams led by qualifying students.

Applicants are also required to have a CAC-registered business name or company, while their projects must have moved beyond proof of concept and demonstrate potential for real-world application.

Applications are currently open through svcg.education.gov.ng and will close on September 30, 2026.

The Federal Ministry of Education says the initiative forms part of the Tinubu administration’s broader effort to reposition education as a platform for job creation, entrepreneurship and economic transformation by helping young Nigerians move promising ideas from the classroom into the marketplace.