First Bank and Ekiti State Government Launch N50 Million Grant Initiative for Innovators
In a significant move to foster economic development, First Bank of Nigeria, in collaboration with the Ekiti State government, has provided financial grants totaling N50 million to 300 innovators and entrepreneurs. This initiative, known as the Innovation Enterprise Support Fund (IESF), aims to upscale startups, innovations, and business ideas across all 16 local government areas of Ekiti State.
Strengthening Financial Inclusion and SME Development
The disbursement event, held recently in Ekiti, highlighted First Bank's commitment to financial inclusion, Small and Medium Scale Enterprises (SME) development, and youth empowerment. Mr. Olusegun Alebiosu, Managing Director and CEO of First Bank, emphasized that this partnership aligns with the bank's 132-year legacy of supporting Nigerian businesses through various growth phases.
Represented by Mr. Adebayo Yakubu from the Public Sector Department, Alebiosu stated, "We believe MSMEs are enablers of economic growth. It takes money, commitment, training, and mentorship to take your initiative from ideas to impact. So what we are doing in Ekiti is to provide the funding that supports that entire process." He added that the bank has committed nearly N50 million through the IESF to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth in the state.
Comprehensive Support Beyond Funding
Beyond the financial grants, the collaboration includes mentorship programs and market access for high-potential enterprises. This holistic approach focuses on strengthening Ekiti's innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Alebiosu noted, "It is a way of supporting the society and helping build entrepreneurs. You can imagine what that will do to Ekiti if we can have multiple entrepreneurs—it means the economy will grow, more jobs will be created, and more lives will be impacted."
Government Commitment to Sustainable Development
Ekiti State Governor, Mr. Biodun Oyebanji, praised the initiative as a testament to the power of public-private partnerships for sustainable development. Represented by his Chief of Staff, Mr. Niyi Adebayo, the governor described the IESF as a carefully designed platform to identify and nurture skilled enterprises within the state's ecosystem.
Oyebanji remarked, "This initiative also integrates capacity building, mentorship, and a capability framework to ensure that beneficiaries are not just funded but positioned for long-term success." He urged the beneficiaries to strive to be good ambassadors of the state, build with discipline, innovate with purpose, and grow with integrity.
The event underscores a shared vision between First Bank and Ekiti State to drive economic transformation through innovation and entrepreneurship, setting a precedent for similar initiatives across Nigeria.
