First Bank 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, announced in Lagos, is designed to 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 earmarked for female-led businesses.
Structured as a three-phase initiative, covering ideation, pre-acceleration, and acceleration, the programme is expected to support about 60 startups. Beneficiaries will receive funding ranging from ₦150,000 to ₦1.2 million to enable product development, revenue generation, and market expansion.
Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative reflects the bank’s commitment to entrepreneurship and innovation as key drivers of economic growth.
He noted that Micro, Small, and Medium Enterprises (MSMEs) remain critical to Nigeria’s development, adding that the bank has consistently supported businesses through access to finance and capacity-building platforms such as its SME Connect hub.
The initiative also aligns with FirstBank’s broader strategy to deepen financial inclusion and support youth empowerment, particularly among women entrepreneurs, who make up a significant portion of Nigeria’s startup ecosystem.
FirstBank reaffirmed its role as a key player in Nigeria’s innovation space, highlighting its continued investment in digital platforms and targeted interventions aimed at helping small businesses scale and achieve sustainable growth.
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