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The Ekiti State Government, in partnership with First Bank of Nigeria, has disbursed a total of ₦50 million in grants to 300 entrepreneurs and innovators under an initiative designed to stimulate business growth and economic development.
The grants, ranging from ₦150,000 to ₦1 million, were distributed through the Innovation Enterprises Support Fund, a programme aimed at scaling small and medium-scale enterprises (SMEs) and fostering innovation across the state.
Speaking at the disbursement ceremony held in Ado-Ekiti on Saturday, the Chief Executive Officer of First Bank, Olusegun Alebiosu, said the initiative reflects the bank’s longstanding commitment to financial inclusion, SME development, and youth empowerment.
Alebiosu, who was represented by Mr Adebayo Yakubu of the bank’s Public Sector Department, stated that the collaboration goes beyond financial support to include mentorship and access to markets for participating businesses.
He said, “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.
“It takes funding, commitment, training, and mentorship to transform ideas into impact. What we are doing in Ekiti is providing the financial support required to drive that entire process.
“As a bank, we have committed close to ₦50 million to this initiative through the Innovation Enterprises Support Fund. This is our way of supporting society and building entrepreneurs.”
He added that the programme is expected to strengthen the innovation ecosystem, create jobs, and support youths, women, and underserved communities across the state.
In his remarks, Ekiti State Governor, Biodun Oyebanji, described the partnership as a demonstration of the impact of collaboration between the public and private sectors in achieving sustainable development goals.
Oyebanji, who was represented by his Chief of Staff, Mr Niyi Adebayo, said the initiative was carefully structured to identify, nurture, and support high-potential enterprises within the state.
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“This initiative also integrates capacity building, mentorship, and a capability framework to ensure beneficiaries are not just funded but positioned for long-term success,” he said.
He urged beneficiaries to utilise the opportunity responsibly, stressing the need for discipline, innovation, and integrity in building sustainable businesses.
Also speaking, the Commissioner for Innovation, Science and Digital Economy, Mr Seun Fakuade, explained that the programme followed a four-phase structure, including application, selection, boot camp training, iteration, and final disbursement.
According to him, the initiative is targeted at empowering early-stage startups and transforming Ekiti into a digital innovation hub.
One of the beneficiaries, Mrs Ronke Aderonmu, commended both the state government and First Bank for prioritising entrepreneurship, noting that the support would significantly enhance business growth and sustainability.
