The Ekiti State Government has commenced the disbursement of ₦55.6 million in grants to 177 entrepreneurs selected from across the state, marking the first disbursement cycle of the Innovation Enterprise Support Fund (IESF). This initiative is being implemented in partnership with FirstBank of Nigeria, whose collaboration has been central to the fund’s design and delivery.
The fund, developed under the administration of Governor Biodun Abayomi Oyebanji, received 746 applications from entrepreneurs and innovators across all 16 Local Government Areas of Ekiti State. Following a competitive screening process and bootcamp, 177 applicants were selected as beneficiaries.
A Milestone in Innovation
The Honourable Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, described the disbursement as a significant milestone in the state’s innovation agenda. “This is a promise fulfilled. When His Excellency, Governor Oyebanji, directed us to build an innovation ecosystem that reaches every part of Ekiti State, this is what that commitment looks like in practice. Seven hundred and forty-six Ekiti entrepreneurs trusted us with their ideas, and we owe them a programme that is serious, transparent, and impactful. This disbursement is evidence that we are backing that trust with action,” he said.
Grant Tiers and Beneficiaries
The grants were distributed across three tiers aligned with each venture’s stage of development. While many beneficiaries received proof-of-concept funding, a smaller cohort received pre-seed support. Tier 1 beneficiaries received between ₦750,000 and ₦2 million each; Tier 2 beneficiaries received between ₦350,000 and ₦750,000; while Tier 3 beneficiaries received up to ₦350,000. Women-led enterprises featured across all three tiers, reflecting the programme’s commitment to building an inclusive innovation economy that harnesses the full breadth of entrepreneurial talent in the state.
Sectoral Diversity
Applications spanned eight innovation sectors, with agriculture emerging as the largest category, followed by technology and manufacturing. Fakuade noted that the sectoral diversity was intentional. “We did not design this fund for one type of entrepreneur. Ekiti’s economy is broad, and the ideas from our people reflect that. An agritech innovator in Irepodun and a software developer in Ado-Ekiti both deserve a credible pathway to scale. That is what the IESF is building,” he stated.
The commissioner also credited Governor Oyebanji’s consistent support as foundational to the programme’s success. “Governor Oyebanji understood from the beginning that an innovation economy is built through deliberate policy and sustained commitment, not by geography or inheritance. His decision to put the full weight of this administration behind the ideas of the Ekiti people is what made the IESF possible, and the entrepreneurs beginning this journey are the direct expression of that leadership,” he added.
FirstBank’s Commitment
Speaking on behalf of FirstBank of Nigeria, Adebayo Yacoub, Business Manager, Public Sector Directorate, said the partnership reflects the bank’s commitment to enterprise development. “FirstBank remains deeply committed to initiatives like the IESF that strengthen enterprise development and foster sustainable economic growth. We are proud to support platforms that empower innovation, deepen cross-sector collaboration, and unlock opportunities for the next generation of business leaders. This partnership reflects our continued dedication to building a resilient and inclusive economy,” he said.
About the IESF
The Innovation Enterprise Support Fund is an initiative of the Ekiti State Government, supported by FirstBank of Nigeria Limited, and designed to accelerate the growth of tech-enabled businesses and startups in Ekiti State. The programme operates across three phases over five months and provides financial support, mentorship, market access, and capacity development for selected enterprises. It is implemented under the Ministry of Innovation, Science, and Digital Economy.
