Federal Government Launches ₦50 Million Student Venture Capital Grant for Nigerian Innovators
Known as the "Next Moonshot" initiative, the program forms a central part of the Renewed Hope Agenda, designed to turn campus-born ideas into commercially viable, high-impact ventures.
The Federal Government, through the Federal Ministry of Education, has officially opened the application portal for the Student Venture Capital Grant (S-VCG), a major initiative aimed at supporting student innovators with up to ₦50 million in equity-free funding. Known as the “Next Moonshot” initiative, the program forms a central part of the Renewed Hope Agenda, designed to turn campus-born ideas into commercially viable, high-impact ventures.
The S-VCG specifically targets students developing innovations in Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM). Eligible applicants include students enrolled in accredited Nigerian tertiary institutions, particularly those in their 300-level and above. Projects must be beyond the proof-of-concept stage to qualify for the grant.
In addition to funding, successful applicants will gain access to a comprehensive support ecosystem. This includes intensive incubation programs, expert mentorship from seasoned entrepreneurs and industry leaders, and full access to tools and resources necessary to scale their startups. The initiative also aims to foster a pipeline of high-potential ventures capable of driving economic growth and technological advancement.
The Ministry of Education announced a strategic partnership with Google to ensure an efficient and fair evaluation process for the anticipated high volume of applications. Google’s Gemini AI powers custom-built evaluation agents embedded within the application portal. Furthermore, every applicant who successfully submits a project will receive a one-year free Google Gemini Pro license, along with premium learning resources to strengthen their entrepreneurial and technical capabilities.
Speaking at the launch, the Minister of Education, Dr. Tunji Alausa, emphasized the transformative potential of the program, stating that it seeks to discover “future Nigerian Unicorns” whose roots will be planted in universities and colleges across the country. He described the initiative as an equity-free seed investment in Nigeria’s future, highlighting the government’s commitment to nurturing the next generation of innovators and high-impact ventures.
