FirstBank, Ekiti Government Launch Innovation Fund to Boost Startups and Economic Growth
Lagos, April 10, 2025 — First Bank of Nigeria has partnered with the Ekiti State Government to unveil the Innovation Enterprise Support Fund, a strategic initiative aimed at strengthening the state’s startup ecosystem and driving innovation-led economic growth.
The programme is designed to support emerging and tech-enabled businesses through funding, mentorship, and access to markets. It targets high-potential enterprises across Ekiti, with a strong focus on job creation, youth empowerment, and inclusion of underserved groups. Notably, 40 percent of the fund is earmarked specifically for female-led ventures.
Structured in three phases—ideation, pre-acceleration, and acceleration—the initiative will benefit about 60 startups. Each selected enterprise will receive financial support ranging from ₦150,000 to ₦1.2 million to help scale operations, develop market-ready products, and generate sustainable revenue.
Commenting on the collaboration, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, emphasized the bank’s longstanding commitment to entrepreneurship and innovation.
He stated that small and medium-sized enterprises (MSMEs) remain vital drivers of economic growth, noting that FirstBank has consistently supported Nigerian businesses throughout its history by enhancing access to finance and capacity-building opportunities. He also highlighted the bank’s SME Connect Platform, a digital hub designed to equip entrepreneurs with tools and resources to grow their ventures.
Alebiosu expressed optimism about the partnership, describing it as an opportunity to nurture future industry leaders and long-term business partners.
The initiative aligns with FirstBank’s broader mission to promote financial inclusion, empower youth, and advance SME development across Nigeria. It also reinforces the bank’s ongoing support for women entrepreneurs, who account for a significant portion of the country’s startup ecosystem.
Through this collaboration, both partners aim to unlock innovation potential within Ekiti State while fostering sustainable economic development.