FirstBank and Ekiti State Government Forge Strategic Partnership to Launch Innovation Enterprise Support Fund
In a significant move to bolster economic development and foster technological advancement, FirstBank has officially announced its collaboration with the Ekiti State Government to launch the Innovation Enterprise Support Fund. This groundbreaking initiative is meticulously designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth throughout Ekiti State.
Empowering Entrepreneurs with Comprehensive Support
The programme offers a robust package of funding, mentorship, and market access to high-potential enterprises, with a primary focus on strengthening Ekiti's innovation ecosystem. Key objectives include creating sustainable employment opportunities and providing targeted support for youth, women, and underserved communities. Notably, at least 40 per cent of the fund has been specifically reserved for female-led enterprises, underscoring a commitment to gender inclusivity and empowerment in the entrepreneurial landscape.
Structured Three-Phase Programme for Startup Development
The initiative is structured as a comprehensive three-phase programme that covers ideation, pre-acceleration, and acceleration phases, aiming to support approximately 60 startups. Each selected enterprise will receive financial support ranging from N150,000 to N1,200,000. This funding is intended to facilitate job creation, enhance revenue generation, and enable the launch of market-ready products, thereby contributing to the state's economic vitality.
FirstBank's Commitment to Entrepreneurship and Innovation
Speaking on the partnership, the Managing Director of FirstBank Group, Olusegun Alebiosu, emphasized the bank's dedication to fostering entrepreneurship and innovation. "Entrepreneurship and Innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth, and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition, and transformation," he stated.
Alebiosu further highlighted FirstBank's ongoing efforts to support businesses through improved access to finance and capacity building. "We have remained committed to building stronger businesses through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value. We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners," he added.
This partnership marks a pivotal step in Ekiti State's journey towards becoming a hub for innovation and economic resilience, leveraging FirstBank's extensive experience and resources to nurture the next generation of business leaders and drive sustainable development.
