File photo: Minister of Education, Dr Tunji Alausa.

The Federal Government has opened applications for the second cohort of its Student Venture Capital Grant, offering up to ₦50 million each to 50 outstanding student-led ventures across Nigeria.

The initiative, also known as the Next Moonshot Initiative, is targeted at student entrepreneurs with Science, Technology, Engineering and Mathematics (STEM)-based business ideas.

The National Coordinator, Special Programme Operations and Implementation Unit at the Federal Ministry of Education, Adebayo Onigbanjo, announced the opening of applications at a news conference in Abuja on Friday.

Onigbanjo said the government was seeking quality applications from student innovators across the country, adding that 50 outstanding ventures would eventually be selected.