The Federal Government has opened applications for its student innovators funding programme, with 50 student-led ventures set to receive up to ₦50 million each in equity-free funding under the second cohort of the Student Venture Capital Grant (S-VCG).
The initiative is designed to help young Nigerians turn innovative ideas into viable businesses while strengthening entrepreneurship, research and innovation across the country’s tertiary institutions.
The programme is being implemented under the Nigeria Education Sector Renewal Initiative (NESRI) of the Federal Ministry of Education.
The National Project Coordinator of the S-VCG, Adebayo Onigbanjo, announced the commencement of the new phase during a briefing ahead of a nationwide campus mobilisation campaign scheduled for September 6 to 30, 2026.
According to the ministry, the campaign will take the funding opportunity directly to students, particularly those working on solutions in science, technology, engineering, mathematics and medicine (STEMM).
Students will also receive information about the eligibility criteria, application process and requirements for the selection exercise.
Universities and institutions to be visited
The S-VCG team is scheduled to visit nine tertiary institutions across Nigeria’s six geopolitical zones.
They include the University of Abuja, Nile University, Abubakar Tafawa Balewa University in Bauchi, Bayero University Kano, Kano University of Science and Technology, Wudil, Federal Polytechnic Nekede in Owerri, Ambrose Alli University in Ekpoma, University of Lagos and Covenant University in Ota.
The programme will also activate campus ambassadors in 20 other institutions to expand awareness among students.
The Ministry of Education is encouraging university vice-chancellors, rectors, provosts, lecturers and student representatives to identify promising student entrepreneurs and encourage them to apply.
How the student innovators will be selected
The second S-VCG cohort will use a multi-stage selection process.
Applications will first undergo AI-assisted screening before being assessed by 10 human evaluators. Candidates who make the shortlist will then deliver virtual presentations before an Evaluation Committee.
Successful applicants will proceed to a bootcamp and later make in-person presentations as part of the final assessment.
Beyond the funding, beneficiaries will receive six months of mentorship from experienced organisations and business leaders.
The mentorship component will expose student entrepreneurs to practical support and industry networks in sectors including technology, logistics, e-commerce, healthcare and education.
Organisations supporting the programme include Lafarge, Chowdeck, Powerhouse, HostAfrica, Klasha, LifeBank, Future Africa, GetEquity and OneHealth, among others.
What happened in the first S-VCG cohort?
The second cohort builds on the response recorded during the inaugural programme.
The first S-VCG cycle attracted 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.
The registrations comprised 348 public and 56 private institutions, with male applicants accounting for 52 per cent and female applicants 48 per cent.
After the initial registration stage, 3,014 completed applications were subjected to AI-assisted screening and assessment by 10 human evaluators.
Sixty-five finalists eventually participated in a three-day S-VCG Bootcamp held from March 27 to 29, 2026.
The finalists presented their businesses to a panel made up of venture capitalists, industry specialists and academic leaders.
Who can apply for the ₦50m funding?
The S-VCG is open to students developing innovative solutions in areas including healthcare, agriculture, education, technology, energy, logistics, e-commerce and other STEMM-related fields.
Applicants must be enrolled in a Nigerian university, polytechnic or college of education and must have reached at least 300 level or its equivalent.
Students below 300 level can participate as members of teams led by eligible students.
Applicants must also have a business name or company registered with the Corporate Affairs Commission (CAC).
Their projects must have moved beyond the proof-of-concept stage and demonstrate potential for real-world application.
The Student Venture Capital Grant is implemented in partnership with the Tertiary Education Trust Fund (TETFund), Bank of Industry (BOI) and Afara Initiative.
The Federal Government said the broader objective is to move student entrepreneurship beyond ideas by giving young innovators access to funding, mentorship, business networks and other support needed to develop and scale their ventures.
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Application deadline
Applications for the second cohort of the Student Venture Capital Grant are currently open and will close on September 30, 2026.
Eligible students seeking the FG ₦50m funding for student innovators are expected to complete their applications before the deadline.