By Peace Udugba -The daily torch media
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-enabled businesses, and driving innovation-led economic growth in the state.
The programme 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 reserved for female-led enterprises.
Structured as a three-phase programme, the initiative will cover ideation, pre-acceleration, and acceleration stages for about 60 startups. Each participating enterprise is expected to receive financial support ranging from ₦150,000 to ₦1.2 million, aimed at boosting job creation, revenue growth, and the development of market-ready products.
Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said entrepreneurship and innovation remain central to the bank’s mission.
“Entrepreneurship and innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth, and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition, and transformation. We remain committed to building stronger businesses through improved access to finance and capacity building,” he said.
Alebiosu added that the bank’s SME Connect Platform serves as a digital hub where entrepreneurs can access resources to transform ideas into viable businesses, noting that the partnership goes beyond supporting startups to nurturing future industry leaders and employers of labour.
The collaboration aligns with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, particularly with a focus on supporting women entrepreneurs, who account for about 35 per cent of Nigeria’s startup ecosystem.
Over the years, FirstBank has continued to champion innovation and support small and medium-scale enterprises through various interventions and digital platforms designed to enhance business growth and expansion.
