FirstBank Partners Ekiti Government to Launch Innovation Fund for Startups and SMEs

FirstBank has partnered Ekiti Government to launch Innovation Fund for Startups and SMEs.

 

NewsOnline Nigeria reports that FirstBank of Nigeria Limited has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, a major initiative aimed at empowering startups, scaling tech-driven businesses, and driving innovation-led economic growth in the state.

 

Announced in Lagos, 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. At least 40 percent of the fund has been reserved for female-led businesses.

 

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The initiative is structured as a three-phase programme; covering ideation, pre-acceleration, and acceleration and will support about 60 startups. Participating enterprises will receive funding ranging from ₦150,000 to ₦1.2 million to drive product development, revenue growth, and market expansion.

 

Speaking on the partnership, Managing Director and CEO of FirstBank Group, Olusegun Alebiosu, reaffirmed the bank’s commitment to entrepreneurship and innovation.

 

“Entrepreneurship and innovation are core to our values at FirstBank. MSMEs remain critical drivers of economic growth, and for over a century, we have supported Nigerian businesses through various stages of development. Through platforms like SME Connect, we continue to provide access to finance and resources that help entrepreneurs turn ideas into value,” he said.

 

He added that the partnership goes beyond supporting startups, describing beneficiaries as future industry leaders and key contributors to economic development.

 

The collaboration aligns with FirstBank’s broader strategy to deepen financial inclusion, promote SME development, and empower young entrepreneurs, particularly women, who account for a significant share of Nigeria’s startup ecosystem.

 

Over the years, FirstBank has remained a major supporter of Nigeria’s innovation landscape, deploying digital solutions and tailored financial products to help small and medium-scale enterprises grow and scale sustainably.