Federal Government Launches ₦2.5 Billion Next Moonshot Initiative to Back Student Innovators

The Federal Ministry of Education has announced the formal opening of applications for the second cohort of the Student Venture Capital Grant, widely recognized as the Next Moonshot Initiative. The strategic funding scheme aims to inject ₦2.5 billion into student-led enterprises, offering up to ₦50 million in equity-free capital to each of the 50 selected ventures.

Unveiling the program details during a press briefing in Abuja, Adebayo Onigbanjo, National Coordinator of the Special Programme Operations and Implementation Unit at the Ministry of Education, emphasized that the initiative is structured to transition academic concepts into market-ready businesses. Targeted strictly at undergraduates and student teams specializing in Science, Technology, Engineering, and Mathematics (STEM), the grant aims to eliminate early-stage financial bottlenecks.

"Nigeria does not lack innovative young people. What many lack is the opportunity and capital to take these ideas further," Onigbanjo noted. He added that the program forms a core pillar of the Nigeria Education Sector Renewal Initiative (NESRI) under President Bola Tinubu’s administration.

Rigorous Selection and Nationwide Roadshow

To ensure transparency and high merit standards, submissions will undergo an initial artificial intelligence-assisted screening followed by evaluation from a panel of ten human experts. Shortlisted candidates will progress to virtual pitches, culminating in a three-day boot camp where finalists will present their ventures in person.

In addition to capital disbursement, winning startups will secure six months of structured incubation and corporate mentorship backed by key tech and industry networks, including Co-Creation Hub, LifeBank, Future Africa, and GetEquity.

To drive grassroots participation across the country, the implementation team has scheduled a nationwide campus roadshow running from September 6 through September 30, 2026. The outreach will cover nine tertiary institutions spanning all six geopolitical zones, including the University of Lagos, University of Abuja, Bayero University Kano, and Abubakar Tafawa Balewa University.

Applications for the current cohort close on September 30, 2026, with eligible student innovators invited to submit their projects through the official portal.