Ekiti State Unveils Innovation Enterprise Support Fund to Boost Startups and Businesses
The Ekiti State government has officially launched the Innovation Enterprise Support Fund (IESF), a strategic initiative designed to foster innovation, support startups, and scale tech-driven businesses to drive economic growth in the state. Announced on Thursday, April 2, 2026, under the leadership of Governor Biodun Oyebanji, this programme aims to provide essential funding, mentorship, and access to market opportunities for high-potential enterprises across Ekiti.
Structured Support for Entrepreneurial Development
The IESF is structured to support businesses through three distinct phases: ideation and incubation, pre-acceleration, and acceleration. These stages are meticulously designed to guide startups from early development to scalable operations, ensuring a comprehensive growth trajectory. The initiative is implemented in collaboration with First Bank of Nigeria Limited, highlighting the critical role of public-private partnerships in driving enterprise development and economic resilience.
Oluwaseun Fakuade, the Commissioner for Innovation, Science, and Digital Economy, emphasized that the IESF extends beyond mere financial assistance. It offers expert mentorship, market access, investor connections, and capacity-building in digital and business skills. Fakuade stated, "This is not just a funding initiative; it is a deliberate strategy to build a pipeline of globally competitive entrepreneurs and tech-enabled businesses from Ekiti. We are investing in ideas, but more importantly, in people and capacity." This approach underscores the state's commitment to nurturing sustainable entrepreneurial ecosystems.
Targeted Empowerment and Technological Integration
The programme specifically targets the empowerment of youth, women, and underserved communities, with at least 40% of the fund reserved for female-led enterprises. This focus aims to promote inclusivity and address gender disparities in entrepreneurship. Additionally, the initiative integrates technology to enhance the selection and evaluation processes, ensuring transparency and delivering measurable outcomes. By leveraging digital tools, the government seeks to streamline applications and assessments, fostering a fair and efficient system for all participants.
The statement from the government added, "The initiative reflects the state's commitment to building a resilient, innovation-driven economy by supporting scalable businesses and enhancing the capacity of young entrepreneurs." This vision aligns with broader efforts to position Ekiti as a leading hub for innovation and enterprise, contributing to regional economic diversification and job creation.
Application Process and Broader Context
Applications for the IESF are now open through the official portal, with selected participants set to receive tailored support aimed at enhancing business sustainability and competitiveness. This launch comes amid broader national efforts to support entrepreneurship, such as the federal government's Venture Capital Grant programme, which recently shortlisted 65 innovators from over 30,000 applicants nationwide for up to N50 million in funding. These initiatives collectively highlight a growing emphasis on fostering innovation and economic development across Nigeria, with Ekiti State taking proactive steps to lead in this arena.
