FirstBank and the Ekiti State Government have joined forces to create the Innovation Enterprise Support Fund, a programme designed to boost startups, scale tech‑enabled firms and spur innovation‑driven growth in the state. The three‑phase initiative will move enterprises through ideation, pre‑acceleration and acceleration, targeting roughly 60 startups. Each selected business will obtain between ₦150,000 and ₦1.2 million to aid product development, generate revenue and enter markets. At least 40 per cent of the total fund is set aside for female‑led enterprises, with the broader aim of creating jobs and assisting youth, women and underserved communities.
Olusegun Alebiosu, Managing Director and Chief Executive Officer of FirstBank Group, said the partnership reflects the bank's long‑standing commitment to entrepreneurship. "Entrepreneurship and innovation are two of our core values at FirstBank. We believe MSMEs are key drivers of economic growth and, for 132 years, we have supported Nigerian businesses through every phase of growth, transition and transformation. We remain committed to building stronger businesses through improved access to finance and capacity development. Our SME Connect Platform serves as a digital hub where entrepreneurs can access the resources needed to move from vision to value. We are excited about this partnership. We see more than startups, we see future industry leaders, employers of labour and potential long‑term partners," he said. The fund aligns with FirstBank's strategy to deepen financial inclusion, support SMEs and promote youth empowerment, especially for women who represent about 35 per cent of Nigeria's startup ecosystem.
FirstBank's claim that 40 per cent of the fund is reserved for female‑led businesses contrasts with the fact that women account for roughly 35 per cent of Nigeria's startup ecosystem, exposing a mismatch between allocation and actual participation. Female entrepreneurs in Ekiti could benefit from greater capital access, yet the limited pool may heighten competition among women‑led firms. Meanwhile, male‑led startups may encounter tighter funding as a larger share of resources is earmarked for women.
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