State Government and First Bank Empower Entrepreneurs with ₦50 Million

In a move that underscores the growing importance of public-private collaboration in driving inclusive economic development, the Ekiti State Government, in partnership with First Bank of Nigeria, has disbursed ₦50 million in grants to 300 entrepreneurs under the Innovation Enterprises Support Fund.

The funding, ranging from ₦150,000 to ₦1 million per beneficiary, is expected to enable business expansion, stimulate innovation, and strengthen the state’s enterprise ecosystem at a time when access to capital remains a major barrier for emerging businesses.

Speaking at the disbursement event in Ado-Ekiti, Chief Executive Officer of First Bank, Olusegun Alebiosu, described the initiative as part of the bank’s broader commitment to advancing financial inclusion and supporting youth-led enterprise. Beyond funding, he noted, beneficiaries will receive mentorship and access to markets key elements often missing in traditional support programs.

Represented by Adebayo Yakubu, Alebiosu added that the initiative is designed to strengthen startups and promote innovation-driven growth, particularly within tech-enabled sectors.

Governor Biodun Oyebanji, represented by Chief of Staff Niyi Adebayo, described the collaboration as a model for sustainable development, noting that equipping entrepreneurs with both funding and capacity-building support is critical to long-term economic resilience.

Also speaking, Commissioner for Innovation, Science and Digital Economy, Seun Fakuade, highlighted the structured approach behind the initiative, which includes application, training, and milestone-based disbursement. According to him, the programme aligns with the state’s ambition to position Ekiti as a hub for digital innovation and enterprise growth.

For beneficiaries like Ronke Aderonmu, the intervention represents an opportunity not just to grow a business, but to create jobs and contribute to local economic stability.

As governments and financial institutions across Africa increasingly explore collaborative approaches to development, initiatives like this highlight a shift from one-off funding to more structured, impact-driven support similar to programs like the Green RISE Africa Fellowship 2026 supporting climate entrepreneurs across the continent.