FirstBank, Ekiti govt launch fund to back 60 startups

FirstBank and the Ekiti State Government have partnered to launch the Innovation Enterprise Support Fund, an initiative designed to provide funding, mentorship, and market access to startups and tech-enabled businesses across the state.

The programme, structured as a three-phase initiative covering ideation, pre-acceleration, and acceleration, will support approximately 60 startups with grants ranging from N150,000 to N1.2 million per enterprise. At least 40 per cent of the fund has been reserved for female-led businesses.

The initiative aims to strengthen Ekiti’s innovation ecosystem, create jobs, and expand economic opportunities for youth, women, and underserved communities.

Speaking at the launch, FirstBank Group Managing Director and Chief Executive Officer, Olusegun Alebiosu, said the bank sees the programme as more than a funding vehicle.

“We see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners,” he said, adding that the bank had stood beside Nigerian businesses through every phase of growth for 132 years.

Alebiosu noted that the partnership aligns with FirstBank’s broader commitment to financial inclusion and SME development, pointing to the bank’s existing SME Connect Platform — a digital hub designed to connect Nigerian entrepreneurs with resources for business growth.

Women entrepreneurs are a particular focus of the initiative. The fund’s 40 per cent reservation for female-led enterprises reflects the broader gender gap in startup funding, with women currently representing 35 per cent of Nigeria’s startup cohort.

The three-phase programme structure is designed to take enterprises from early-stage ideas through to market-ready product launches, with financial support, capacity building, and mentorship provided at each stage.