The Ekiti State Government has commenced the disbursement of N55.6m in grants to 177 entrepreneurs selected from across the state under the Innovation Enterprise Support Fund, in a move aimed at strengthening the local innovation ecosystem and supporting enterprise growth.
The state Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, made this known in a statement issued on Sunday.
The commissioner said that the fund, established under the administration of Governor Biodun Oyebanji, has attracted 746 applications from entrepreneurs and innovators across the 16 local government areas of the state following a competitive screening process and bootcamp, 177 applicants emerged as beneficiaries.
He described the commencement of the disbursement as a major milestone in the state’s drive to build a thriving innovation economy.
“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. Seven hundred and forty-six Ekiti entrepreneurs trusted us with their ideas, and we owe them a programme that is serious, transparent, and consequential. This disbursement is evidence that we are backing that trust with action.
“The first disbursement cycle of the fund was being delivered in partnership with FirstBank of Nigeria, whose collaboration is critical to the design and implementation of the initiative,” he said.
The statement explained that grants were allocated across three categories based on the development stage of each venture. While many beneficiaries received proof-of-concept funding, a smaller group was awarded pre-seed support.
Tier 1 beneficiaries received between N750,000 and N2m each; Tier 2 recipients were awarded between N350,000 and N750,000, while Tier 3 grantees received up to N350,000.
It added that women-led enterprises were represented across all three funding tiers, reflecting the programme’s objective of fostering an inclusive innovation ecosystem.
The government further stated that applications were drawn from eight innovation sectors, with agriculture accounting for the largest share, followed by technology and manufacturing.
Speaking on the sectoral spread, Fakuade said the initiative was deliberately designed to support entrepreneurs across different segments of the economy.
“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 said.
The commissioner also credited Oyebanji’s commitment to innovation and entrepreneurship for the successful rollout of the programme.
“Governor Oyebanji understood from the beginning that an innovation economy is built by deliberate policy and sustained commitment, not by geography or inheritance. His decision to put the full weight of this administration behind the ideas of Ekiti’s people is what made the IESF possible, and the entrepreneurs beginning this journey are the direct expression of that leadership,” he added.
Also commenting, the Business Manager, Public Sector Directorate at FirstBank of Nigeria, Adebayo Yacoub, said the partnership underscored the bank’s commitment to enterprise development and sustainable economic growth.
“FirstBank remains deeply committed to initiatives like the IESF that strengthen enterprise development and foster sustainable economic growth. We are proud to support platforms that empower innovation, deepen cross-sector collaboration, and unlock opportunities for the next generation of business leaders. This partnership reflects our continued dedication to building a resilient and inclusive economy,” he said.
The Innovation Enterprise Support Fund is an initiative of the Ekiti State Government, supported by FirstBank of Nigeria, and is designed to accelerate the growth of tech-enabled businesses and startups across the state.