FirstBank, Ekiti Govt Partner to Launch Innovation Enterprise Support Fund

FirstBank has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, an initiative aimed at empowering startups, scaling tech-enabled businesses and driving innovation-led economic growth across the state.

The programme will 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 reserved for female-led businesses.

The initiative is structured as a three-phase programme covering ideation, pre-acceleration and acceleration stages, and is expected to support about 60 startups. Each enterprise will receive financial backing ranging from ₦150,000 to ₦1.2 million to facilitate product development, revenue generation and market entry.

Speaking on the partnership, the Managing Director/Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative reflects the bank’s commitment to entrepreneurship and economic development.

“Entrepreneurship and innovation are two of our core values at FirstBank. We believe MSMEs are key drivers of economic growth and, for 132 years, we have supported Nigerian businesses through every phase of growth, transition and transformation.

“We remain committed to building stronger businesses through improved access to finance and capacity development. Our SME Connect Platform serves as a digital hub where entrepreneurs can access the resources needed to move from vision to value. We are excited about this partnership. We see more than startups, we see future industry leaders, employers of labour and potential long-term partners,” he said.

The partnership aligns with FirstBank’s broader strategy to deepen financial inclusion, support small and medium-scale enterprises and promote youth empowerment, with a strong emphasis on women entrepreneurs, who account for about 35 per cent of Nigeria’s startup ecosystem.

Over the years, FirstBank has continued to support the growth of Nigeria’s innovation ecosystem through targeted interventions and digital solutions designed to help SMEs scale and expand their operations.