Ekiti State Government has commenced the disbursement of ₦55.6 million in grants to 177 entrepreneurs across the state under the Innovation Enterprise Support Fund (IESF), marking the first funding cycle of the programme aimed at supporting startups, innovators and tech-enabled businesses in Ekiti.
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The initiative, implemented in partnership with FirstBank of Nigeria, is one of the state government’s major moves to strengthen entrepreneurship and innovation-driven economic growth across all 16 Local Government Areas of the state.
According to details released by the government, the programme attracted 746 applications from entrepreneurs and innovators operating across multiple sectors. After a screening process, assessments and bootcamp sessions, 177 applicants were selected to receive grants across different funding categories based on the stage of their businesses.
The Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, described the disbursement as a major step in the state’s plan to build a stronger innovation ecosystem capable of supporting local founders and businesses beyond the state capital.
“This is a promise fulfilled. When His Excellency, Governor Oyebanji, directed us to build an innovation ecosystem that reaches every part of Ekiti State, this is what that commitment looks like in practice,” Fakuade said.
“Seven hundred and forty-six Ekiti entrepreneurs trusted us with their ideas, and we owe them a programme that is serious, transparent, and impactful. This disbursement is evidence that we are backing that trust with action.”
The IESF grants were distributed across three funding tiers. Beneficiaries in Tier 1 received between ₦750,000 and ₦2 million each, while Tier 2 beneficiaries received between ₦350,000 and ₦750,000. Tier 3 beneficiaries received grants of up to ₦350,000.
The state government explained that the structure was designed to support businesses at different growth stages, ranging from proof-of-concept ventures to startups requiring pre-seed support to scale operations.
Women-led businesses were also represented across all funding categories, reflecting the programme’s focus on inclusive participation within Ekiti’s innovation and enterprise ecosystem.
Data from the application process showed that agriculture recorded the highest number of applications among participating sectors, followed by technology and manufacturing. Other sectors captured under the programme also contributed to the diversity of ideas and business models selected for funding.
Fakuade noted that the state deliberately avoided creating a programme focused on only one industry, stressing that the objective was to give entrepreneurs across sectors equal opportunities to scale sustainable businesses within Ekiti.
“We did not design this fund for one type of entrepreneur. Ekiti’s economy is broad, and the ideas from our people reflect that. An agritech innovator in Irepodun and a software developer in Ado-Ekiti both deserve a credible pathway to scale. That is what the IESF is building,” he stated.
The commissioner also credited Governor Biodun Abayomi Oyebanji for backing the initiative from inception, describing the administration’s support as critical to the programme’s implementation.
According to him, the governor recognised early that innovation-driven economic growth requires deliberate government policies, long-term commitment and support for local talent.
Speaking on behalf of FirstBank of Nigeria, Adebayo Yacoub, Business Manager, Public Sector Directorate, said the bank’s partnership with the Ekiti State Government aligns with its broader commitment to enterprise development and economic inclusion.
“FirstBank remains deeply committed to initiatives like the IESF that strengthen enterprise development and foster sustainable economic growth,” Yacoub said.
The Innovation Enterprise Support Fund will run across three phases within five months and will provide selected businesses with not only financial support, but also mentorship, market access and capacity development under the supervision of the Ministry of Innovation, Science and Digital Economy.
