By 
Partnership Targets Startup Growth and Job Creation in Ekiti
FirstBank has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, a landmark initiative aimed at empowering startups, scaling tech-enabled businesses, and accelerating innovation-led economic growth across Ekiti State.
RELATED: How FirstBank is driving growth through sustainability
The programme is designed to provide funding, mentorship, and market access to high-potential enterprises, strengthening Ekiti’s innovation ecosystem while creating jobs and expanding opportunities for youth, women, and underserved communities.
Strong Focus on Women-Led and Inclusive Enterprises
As part of its inclusion strategy, at least 40 per cent of the fund has been reserved for female-led enterprises, reinforcing efforts to close gender gaps in Nigeria’s startup ecosystem.
The initiative aligns with FirstBank’s broader commitment to financial inclusion, SME development, and youth empowerment, particularly for women entrepreneurs, who account for an estimated 35 per cent of Nigeria’s startup community.
Three-Phase Programme to Support 60 Startups
The Innovation Enterprise Support Fund is structured as a three-phase programme—covering ideation, pre-acceleration, and acceleration—targeting about 60 startups.
Each participating enterprise will receive financial support ranging from ₦150,000 to ₦1.2 million, enabling beneficiaries to create jobs, generate revenue, and launch market-ready products and services.
Ekiti’s Innovation Potential in Focus
Ekiti State, created on October 1, 1996, is widely known as the “Fountain of Knowledge” due to its high concentration of educated professionals and academic institutions. With its capital in Ado-Ekiti, the state’s economy is traditionally anchored in agriculture, producing crops such as cocoa, yam, and cassava, while tourism—particularly the Ikogosi Warm Springs—continues to gain prominence.
The new fund is expected to complement Ekiti’s growing focus on technology, innovation, and enterprise development.
FirstBank Reaffirms Commitment to MSMEs and Innovation
Speaking on the partnership, FirstBank Group Managing Director and Chief Executive Officer Olusegun Alebiosu said entrepreneurship and innovation remain core values of the institution.
“MSMEs are critical enablers of economic growth. For 132 years, FirstBank has stood beside Nigerian businesses through every phase of growth and transformation. Through initiatives like our SME Connect Platform, we continue to improve access to finance and capacity building. With this partnership, we see more than startups—we see future industry leaders and major employers of labour,” Alebiosu said.
Digital Platforms and Capacity Building to Drive Scale
FirstBank noted that it has consistently supported Nigeria’s innovation ecosystem through targeted interventions that help startups and SMEs scale their platforms and operations. The bank has also developed multiple digital platforms to enable SME customers to access tools, resources, and markets needed for sustainable growth.
Boosting Innovation-Led Growth at Subnational Level
The Innovation Enterprise Support Fund is expected to position Ekiti State as an emerging hub for innovation-driven enterprises, while reinforcing the role of public-private partnerships in stimulating inclusive economic development at the subnational level.
