FirstBank of Nigeria, in partnership with the Ekiti State Government, has launched an Innovation Enterprise Support Fund aimed at strengthening early-stage businesses and driving technology-led growth within the state.
The initiative is structured to support 60 startups across different stages, from ideation to acceleration, with a combination of funding, mentorship, and market access. The goal is to help founders move from small-scale operations to more structured, scalable ventures that can create jobs and attract further investment.
Under the programme, selected startups will receive financial support ranging from ₦150,000 to ₦1.2 million, depending on their stage of development. In a move to improve inclusion, 40 per cent of the fund has been reserved for female-led businesses, addressing persistent funding gaps faced by women entrepreneurs.
Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the fund reflects the bank’s broader commitment to enterprise development. According to him, small businesses remain central to Nigeria’s economic growth, and require not just capital, but also skills, structure, and access to markets.
He noted that the partnership is designed to nurture startups into viable businesses capable of generating employment and contributing meaningfully to the local economy.
With women accounting for roughly 35 per cent of Nigeria’s startup ecosystem, the targeted allocation is expected to improve participation and business sustainability.
The fund positions Ekiti as an emerging innovation hub, while supporting youth-driven enterprises and inclusive economic growth at the state level.
Read also: Ekiti State Innovation Enterprise Support Fund (IESF) 2026 for Startups (Applications Open)
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