FirstBank of Nigeria 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 targets 60 startups across various stages of development, providing funding, mentorship, and market access to strengthen Ekiti’s emerging innovation ecosystem.
Under the programme structure, selected enterprises will receive financial support ranging from N150,000 to N1.2m, spanning the ideation, pre-acceleration, and acceleration phases. Notably, 40 per cent of the fund has been earmarked for female-led enterprises, reflecting a deliberate push to deepen inclusion and support women entrepreneurs.
The Managing Director and CEO of FirstBank Group, Olusegun Alebiosu, stated that the initiative aligns with the bank’s long-standing focus on enterprise development. He emphasised that micro, small, and medium enterprises remain critical drivers of economic growth, and the bank’s support extends beyond financing to capacity building and digital enablement.
“The partnership is designed to nurture early-stage businesses into scalable ventures capable of creating employment and contributing to economic transformation,” Alebiosu noted.
Industry data shows that women account for approximately 35 per cent of Nigeria’s startup ecosystem, underscoring the importance of targeted interventions to close financing gaps.
The fund is expected to strengthen Ekiti’s position as a rising innovation hub while supporting broader youth empowerment and inclusive economic growth at the sub-national level.
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