FirstBank, Ekiti Govt Launch Innovation Enterprise Support Fund to Boost Startups, Economic Growth

FirstBank, Ekiti Govt Launch Innovation Enterprise Support Fund to Boost Startups, Economic Growth

Nigeria’s oldest financial institution, FirstBank of Nigeria, has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, a strategic initiative aimed at empowering startups, scaling tech-driven businesses, and stimulating innovation-led economic development in Ekiti State.

The initiative is designed to provide critical funding, mentorship, and market access to high-potential enterprises, with a strong focus on strengthening Ekiti’s innovation ecosystem, creating sustainable employment opportunities, and supporting youth, women, and underserved communities.

Under the programme, no fewer than 60 startups are expected to benefit from a structured three-phase development framework covering ideation, pre-acceleration, and acceleration stages. Participating enterprises will receive financial support ranging from ₦150,000 to ₦1.2 million, enabling them to develop market-ready products, scale operations, and enhance revenue generation.

In a deliberate move to promote gender inclusion, at least 40 percent of the fund has been earmarked for female-led enterprises, reinforcing efforts to bridge the gender gap within Nigeria’s innovation and entrepreneurial landscape.

Speaking on the partnership, the Managing Director/Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, emphasized the bank’s commitment to entrepreneurship and innovation as key drivers of economic growth. He noted that Micro, Small and Medium Enterprises (MSMEs) remain vital to national development, adding that FirstBank has consistently supported Nigerian businesses across various growth stages for over a century.

According to him, the bank’s SME Connect Platform serves as a digital hub that provides entrepreneurs with access to tools and resources needed to transform ideas into viable businesses. He expressed optimism that the partnership would nurture future industry leaders and strengthen Nigeria’s enterprise ecosystem.

The collaboration further underscores FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment. It also aligns with broader efforts to support women entrepreneurs, who account for a significant proportion of Nigeria’s startup population.

Over the years, FirstBank has sustained its role as a key enabler of Nigeria’s innovation ecosystem through targeted interventions, including digital solutions and capacity-building platforms designed to help small businesses scale and compete effectively.