FirstBank of Nigeria Limited and the Ekiti State Government have unveiled the Innovation Enterprise Support Fund, a programme designed to boost startups and small‑medium enterprises in the state. The launch took place in Lagos and targets high‑potential, tech‑driven businesses with the aim of fostering an innovation‑led economy, creating jobs and supporting youth, women and other underserved groups.
The fund reserves at least 40 percent of its resources for enterprises led by women and will back roughly 60 startups through a three‑phase structure that includes ideation, pre‑acceleration and acceleration. Beneficiaries can receive between ₦150,000 and ₦1.2 million to develop products, increase revenue and expand into new markets. In addition to capital, participants will gain mentorship and access to broader market networks.
Olusegun Alebiosu, Managing Director and CEO of FirstBank Group, said the partnership reflects the bank's long‑standing commitment to entrepreneurship. "Entrepreneurship and innovation are core to our values at FirstBank. MSMEs remain critical drivers of economic growth, and for over a century, we have supported Nigerian businesses through various stages of development. Through platforms like SME Connect, we continue to provide access to finance and resources that help entrepreneurs turn ideas into value," he stated. He added that the initiative will nurture future industry leaders who will contribute significantly to economic development.
The collaboration aligns with FirstBank's broader strategy to deepen financial inclusion, promote SME growth and empower young entrepreneurs, especially women who form a sizable portion of Nigeria's startup scene. The bank's continued investment in digital solutions and tailored financial products underscores its role in sustaining the country's innovation landscape. The programme now moves into its first intake, with applications expected to open shortly.
FirstBank's partnership with the Ekiti Government directly channels capital to a sizable cohort of startups, signalling a focused effort to nurture home‑grown innovation. By earmarking at least 40 percent of the fund for female‑led firms, the initiative could accelerate gender‑balanced entrepreneurship in the region. If the supported enterprises succeed, Ekiti may see a measurable rise in job creation and a stronger contribution to Nigeria's broader tech ecosystem. This approach demonstrates how targeted financial backing can translate into tangible economic benefits at the state level.
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