First Bank of Nigeria Limited has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, a structured financing and capacity-building initiative aimed at supporting startups and accelerating innovation-led economic growth in the state.
The programme is designed to provide funding, mentorship, and market access to high-potential enterprises, with a strategic focus on strengthening Ekiti’s innovation ecosystem, driving job creation, and supporting youth, women, and underserved communities.
Under the initiative, selected startups will receive financial support ranging from ₦150,000 to ₦1.2 million, targeting approximately 60 enterprises across different stages of development.
The programme will be implemented through a three-phase structure covering ideation, pre-acceleration, and acceleration, enabling participating businesses to move from concept development to market readiness.
A key component of the fund is its gender inclusion framework, with at least 40 percent of the funding reserved for female-led enterprises.
The structure aligns with broader national and global efforts to close the gender financing gap and expand access to capital for women entrepreneurs.
Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative reflects the bank’s long-standing commitment to entrepreneurship and innovation as drivers of economic growth.
“Entrepreneurship and innovation are core values at FirstBank. MSMEs remain critical enablers of economic development, and for over a century, we have supported Nigerian businesses through various growth phases. This partnership goes beyond funding; it is about building capacity and creating a pipeline of future industry leaders,” he said.
The initiative also builds on FirstBank’s existing SME-focused infrastructure, including its SME Connect Platform, a digital ecosystem designed to provide entrepreneurs with access to tools, financing opportunities, and business development resources.
Analysts note that the programme could strengthen early-stage financing access in Nigeria’s startup ecosystem, particularly at a time when venture funding remains constrained and entrepreneurs increasingly rely on structured public-private partnerships to scale operations.
The partnership aligns with FirstBank’s broader financial inclusion strategy, which prioritises expanding access to credit and capacity development for small and medium-sized enterprises. It also reflects increasing collaboration between financial institutions and sub-national governments to drive innovation and economic diversification at the state level.
Women entrepreneurs, who account for a portion of Nigeria’s startup landscape, are expected to benefit from the targeted funding allocation.
The inclusion strategy is positioned to enhance participation and reduce structural barriers that have historically limited access to finance for female-led businesses.
For the Ekiti State Government, the initiative represents a strategic move to position the state as an emerging hub for innovation and technology-driven enterprises.
By combining financial support with mentorship and market access, the programme aims to improve startup survival rates, accelerate revenue generation, and create sustainable employment opportunities.
Market observers say the success of the initiative will depend on effective implementation, transparency in selection processes, and the ability to connect supported startups with broader markets and investment opportunities.
The launch underscores a growing trend of targeted intervention programmes designed to stimulate entrepreneurship, strengthen local economies, and unlock the potential of Nigeria’s rapidly evolving startup ecosystem.
