By Ayomiode Otitoju
FirstBank of Nigeria has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, an initiative aimed at empowering startups and accelerating innovation-led economic growth in the state.
The programme is designed to provide funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. At least 40 per cent of the fund has been earmarked for female-led businesses.
Structured as a three-phase initiative covering ideation, pre-acceleration, and acceleration, the programme will support about 60 startups. Beneficiaries are expected to receive funding ranging from ₦150,000 to ₦1.2 million to drive product development, revenue generation, and market expansion.
Speaking on the partnership, Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative reflects the bank’s commitment to entrepreneurship and innovation as key drivers of economic growth. He noted that micro, small, and medium enterprises (MSMEs) remain critical to national development, adding that the bank has consistently supported businesses through access to finance and capacity-building platforms.
Alebiosu also highlighted the bank’s SME Connect platform as a digital hub designed to equip entrepreneurs with resources to scale their businesses, expressing optimism that the partnership would nurture future industry leaders and job creators.
The initiative aligns with FirstBank’s broader focus on financial inclusion, SME development, and youth empowerment, particularly in supporting women entrepreneurs, who account for a significant share of Nigeria’s startup ecosystem.
