FirstBank of Nigeria has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, an initiative aimed at empowering startups and driving innovation-led economic growth in the state.
The programme is designed to support tech-enabled businesses through funding, mentorship, and access to markets, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and promoting inclusive growth among youth, women, and underserved communities. At least 40 per cent of the fund has been earmarked for female-led enterprises.
Structured as a three-phase programme covering ideation, pre-acceleration, and acceleration stages, the initiative will support about 60 startups.
Beneficiaries are expected to receive financial backing ranging from ₦150,000 to ₦1.2 million to enable product development, job creation, and revenue generation.
Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, reaffirmed the bank’s commitment to entrepreneurship and innovation, describing them as key drivers of economic growth.
He noted that micro, small, and medium enterprises (MSMEs) remain central to national development, adding that FirstBank has consistently supported Nigerian businesses through access to finance and capacity-building initiatives.
He also highlighted the bank’s SME Connect Platform as a digital hub designed to provide entrepreneurs with resources to scale their businesses.
According to him, the partnership goes beyond supporting startups, as it aims to nurture future industry leaders and employers of labour.
The initiative aligns with FirstBank’s broader strategy of promoting financial inclusion, SME development, and youth empowerment, particularly among women entrepreneurs, who account for a significant share of Nigeria’s startup ecosystem.
Over the years, FirstBank has played a key role in supporting Nigeria’s innovation landscape through various interventions and digital solutions tailored to help small businesses grow and expand.
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