First Bank of Nigeria has partnered with the Ekiti State Government to launch an Innovation Enterprise Support Fund aimed at strengthening the state’s startup ecosystem and expanding access to financing for small businesses.
The initiative, unveiled in April 2025, is designed to support about 60 startups through funding, mentorship and market access, with a focus on driving innovation-led growth, job creation and inclusion across the state.
Under the programme, participating enterprises are to receive financial support ranging from ₦150,000 to ₦1.2 million, depending on their stage of development. The scheme is structured in three phases—ideation, pre-acceleration and acceleration—to help early-stage ventures grow into market-ready businesses.
A key feature of the fund is its gender inclusion target, with at least 40 per cent reserved for female-led enterprises, reflecting broader efforts to close the financing gap faced by women entrepreneurs.
Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the partnership underscores the bank’s long-standing commitment to supporting micro, small and medium enterprises (MSMEs), which he described as critical drivers of economic growth.
“Entrepreneurship and innovation are central to our values. We see this initiative not just as support for startups, but as an investment in future industry leaders and employers of labour,” he said.
The programme also aligns with the bank’s financial inclusion strategy and its broader push to provide digital and capacity-building support for SMEs. FirstBank has, over the years, introduced several platforms targeted at helping entrepreneurs scale their businesses, including its SME-focused digital hubs.
Analysts say the collaboration reflects a growing trend of subnational governments partnering with financial institutions to stimulate local economies, particularly through technology-driven enterprises. Ekiti State, which has been positioning itself as an emerging innovation hub, is expected to leverage the initiative to attract young entrepreneurs and deepen its digital economy.
The fund is also targeted at underserved groups, including youth and small business owners who typically face challenges accessing formal credit, especially at the early stages of business development.
With rising youth unemployment and increasing interest in tech-driven ventures across Nigeria, stakeholders say initiatives like the Innovation Enterprise Support Fund could play a role in nurturing startups, boosting productivity and expanding economic opportunities beyond major commercial centres.