FirstBank of Nigeria Limited has partnered with the Ekiti State Government to launch an Innovation Enterprise Support Fund aimed at financing startups and accelerating technology-driven business growth within the state.
The initiative is designed to support 60 startups across different stages of development, providing funding, mentorship and market access to strengthen Ekiti State’s emerging innovation ecosystem.
Under the programme structure, selected startups will receive financial support ranging from N150,000 to N1.2m, covering the ideation, pre-acceleration and acceleration phases of business development.
As part of efforts to promote inclusion, 40 per cent of the fund has been reserved for female-led enterprises, reflecting a targeted push to expand opportunities for women entrepreneurs.
The Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative aligns with the bank’s long-standing commitment to enterprise development and economic growth.
According to him, micro, small and medium enterprises (MSMEs) remain key drivers of economic expansion and job creation across Nigeria.
Alebiosu explained that the bank’s support goes beyond financing, adding that capacity building, mentorship and digital enablement are also critical components of the programme.
“The partnership is designed to nurture early-stage businesses into scalable ventures capable of creating employment and contributing to economic transformation,” he said.
Industry data indicates that women currently represent about 35 per cent of Nigeria’s startup ecosystem, highlighting the need for targeted initiatives to address financing gaps and expand opportunities for female founders.
Stakeholders believe the Innovation Enterprise Support Fund will strengthen Ekiti’s position as a growing innovation hub while promoting youth empowerment and inclusive economic development at the sub-national level.
The programme is also expected to boost entrepreneurship, encourage technology-driven solutions and create new opportunities for startups within the state’s rapidly evolving digital economy.
