The Ekiti State Government has started the disbursement of ₦55.6 million in grants to 177 entrepreneurs across the state under the Innovation Enterprise Support Fund (IESF), a new initiative aimed at supporting startups, innovators, and technology-driven businesses.
The funding programme is designed to help entrepreneurs expand their businesses, develop innovative solutions, and contribute to economic growth across Ekiti State.
Implemented in partnership with FirstBank Nigeria, the IESF initiative represents one of the state government’s efforts to strengthen entrepreneurship, support local businesses, and build a stronger innovation ecosystem beyond the state capital.
177 Entrepreneurs Selected After Competitive Screening
According to the state government, the programme received 746 applications from entrepreneurs operating across different sectors.
Applicants went through a structured selection process that included:
- Application review
- Business assessment
- Screening exercises
- Entrepreneurship bootcamp sessions
Following the evaluation process, 177 entrepreneurs were selected to receive funding based on the stage and needs of their businesses.
The beneficiaries were chosen from different sectors, reflecting the state’s goal of supporting diverse business ideas rather than focusing on only one industry.
How the IESF Grant Funding Is Structured
The Innovation Enterprise Support Fund was divided into three categories to support businesses at different growth stages.
Successful beneficiaries received funding based on their business development level:
- Tier 1: ₦750,000 to ₦2 million for businesses with higher growth potential and expansion needs.
- Tier 2: ₦350,000 to ₦750,000 for developing businesses requiring additional support.
- Tier 3: Up to ₦350,000 for early-stage ventures and entrepreneurs building their ideas.
The funding structure allows both emerging entrepreneurs and more established startups to access support based on their current business needs.
Supporting Innovation Across Ekiti’s 16 Local Government Areas
The state government said the programme was created to ensure entrepreneurs across all 16 Local Government Areas of Ekiti have access to opportunities.
The Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, described the grant disbursement as a major step toward building an inclusive innovation ecosystem in the state.
He explained that the government wants to create an environment where entrepreneurs can develop and scale their ideas regardless of their location.
According to him, the goal is to ensure that innovators outside the state capital also have access to funding, mentorship, and business development opportunities.
Agriculture, Technology and Manufacturing Lead Applications
Data from the application process showed strong interest from entrepreneurs operating in agriculture, technology, and manufacturing sectors.
Agriculture recorded the highest number of applications, followed by technology-based businesses and manufacturing ventures.
Other sectors also contributed to the diversity of businesses selected under the programme.
The government explained that the wide sector coverage was intentional, as Ekiti’s economy includes entrepreneurs working across different industries.
Women Entrepreneurs Included Among Beneficiaries
The IESF programme also maintained representation for women-led businesses across the different funding categories.
The state government highlighted inclusive participation as part of its commitment to ensuring more entrepreneurs have access to economic opportunities.
By supporting women-owned ventures, the programme aims to encourage broader participation in entrepreneurship and business development.
FirstBank Partners Ekiti Government on Enterprise Development
FirstBank Nigeria supported the implementation of the programme as part of its commitment to promoting entrepreneurship and financial inclusion.
Speaking on behalf of the bank, Adebayo Yacoub, Business Manager, Public Sector Directorate, said the partnership reflects FirstBank’s interest in supporting initiatives that encourage business growth and sustainable economic development.
The collaboration provides additional support for entrepreneurs seeking opportunities to build stronger businesses.
More Than Just Funding: Mentorship and Business Support Included
Beyond the financial grants, selected entrepreneurs will also receive additional support through the five-month programme.
The IESF initiative will provide:
- Business mentorship
- Capacity development
- Market access support
- Entrepreneurial guidance
- Growth-focused training
The programme will be supervised by the Ekiti State Ministry of Innovation, Science and Digital Economy.
The government believes combining funding with knowledge and business support will give entrepreneurs a stronger chance of building sustainable businesses.
Building Ekiti’s Startup and Innovation Ecosystem
The Ekiti State Government said the IESF programme is part of a wider strategy to promote innovation-led economic development and create more opportunities for young entrepreneurs.
The initiative is expected to help startups improve their operations, develop new products, create jobs, and contribute to the state’s growing business ecosystem.
For many entrepreneurs, access to early-stage funding remains one of the biggest challenges when trying to grow a business. Programmes like the IESF aim to bridge that gap by providing financial support and resources needed to move ideas into sustainable ventures.
Final Thoughts
The ₦55.6 million Innovation Enterprise Support Fund marks another step toward strengthening entrepreneurship in Ekiti State.
By supporting startups, innovators, and small businesses across different sectors, the programme provides entrepreneurs with resources needed to develop their ideas and create economic opportunities.
With funding, mentorship, and market support included, the IESF programme could become an important platform for helping Ekiti entrepreneurs scale their businesses and contribute to the state’s innovation economy.
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