FirstBank of Nigeria Limited has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, a new initiative aimed at strengthening startups, scaling tech driven businesses, and driving innovation led economic growth across the state. The programme is designed to deepen Ekiti’s emerging innovation ecosystem while creating employment opportunities and expanding support for youth, women and underserved communities.
The fund will provide financial support, mentorship and market access to about 60 startups structured across ideation, pre acceleration and acceleration phases. Each participating enterprise is expected to access funding ranging from ₦150,000 to ₦1,200,000, with at least 40 percent of the fund reserved for female led businesses as part of efforts to promote inclusion and gender balanced economic participation.
Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said entrepreneurship and innovation remain core to the bank’s values, noting that small and medium enterprises have continued to play a vital role in Nigeria’s economic development. He added that FirstBank has supported businesses for over 132 years through improved access to finance and capacity building, while its SME Connect platform serves as a digital hub for entrepreneurs to grow from idea to viable enterprise.
The initiative aligns with FirstBank’s broader commitment to financial inclusion, SME development and youth empowerment, with a strong focus on strengthening women participation in enterprise development. The bank said it remains committed to supporting Nigeria’s innovation ecosystem through digital platforms and strategic interventions that enable businesses to scale and compete effectively.