FirstBank, Ekiti Govt Launch Innovation Fund to Boost Startups, Empower Women
FirstBank, Ekiti Govt Launch Innovation Fund to Boost Startups, Empower Women
First Bank 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-driven businesses, and accelerating innovation-led economic growth in the state.
The programme will provide funding, mentorship, and market access to high-potential enterprises, with a strong focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Notably, at least 40 percent of the fund is reserved for female-led businesses.
Structured as a three-phase programme—ideation, pre-acceleration, and acceleration—the initiative will support about 60 startups. Each beneficiary enterprise will receive funding ranging from ₦150,000 to ₦1.2 million to drive product development, revenue growth, and market readiness.
Speaking on the partnership, the Managing Director/Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said entrepreneurship and innovation remain central to the bank’s mission.
“MSMEs are critical enablers of economic growth. For over 132 years, FirstBank has supported Nigerian businesses through every phase of growth and transformation. Through improved access to finance and capacity building—including our SME Connect Platform—we continue to help entrepreneurs move from vision to value. This partnership goes beyond supporting startups; it is about nurturing future industry leaders and employers of labour.”
The initiative aligns with FirstBank’s long-standing commitment to financial inclusion, SME development, and youth empowerment, with particular emphasis on women entrepreneurs, who account for an estimated 35 percent of Nigeria’s startup ecosystem.
Over the years, FirstBank has sustained its support for small and medium-scale enterprises through various digital platforms and targeted interventions designed to drive business growth and expansion.
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