The Ekiti State Government has officially commenced disbursement under the Innovation Enterprise Support Fund (IESF), marking a major step in its drive to empower startups, innovators, and technology-driven businesses across the state.
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The initiative, powered by the Ministry of Innovation, Science and Digital Economy, is designed to support early-stage startups and high-impact ideas through a structured process of training, mentorship, iteration, and milestone-based funding. The program is also part of the state’s broader vision to position Ekiti as a growing digital and innovation hub in Nigeria.
Announcing the development, the organizers stated that disbursement alerts are now being received from First Bank by selected founders who successfully scaled through the various stages of the program.
“We said Capital + Capacity. Today, we deliver,” the statement read.
The government described the move as a reflection of Governor Biodun Oyebanji’s Shared Prosperity agenda, aimed at empowering local innovators to build sustainable businesses, create jobs, and contribute to economic transformation within the state.
According to details provided by the program, the IESF operates through four major phases: Application & Engagement, Screening & Evaluation, Training & Iteration, and Empowerment & Support. Beneficiaries also receive continued support to help ensure long-term growth and sustainability.
The fund focuses on multiple sectors including Agriculture, Healthcare, Education, Technology, Environment, Manufacturing, Finance, Energy, Governance, Transportation, Industrialization, and Tech-enabled Trade.
Officials noted that the program goes beyond financial support by combining funding with capacity development, practical training, and innovation support systems aimed at helping founders refine and scale their ideas effectively.
The Innovation Enterprise Support Fund is regarded as one of the key innovation-focused initiatives currently being implemented by the Ekiti State Government to encourage entrepreneurship, digital transformation, and youth-driven economic growth.
Applications for the current phase have officially closed, while disbursement and support activities continue for successful participants.
