Ekiti Govt Gives N55.6m Support to 177 Entrepreneurs to Boost Businesses

The Ekiti state government has disbursed N55.6 million in grants to 177 entrepreneurs selected from across the state under the Innovation Enterprise Support Fund (IESF) to boost the local innovation ecosystem and support enterprise growth.

The state commissioner for innovation, science and digital economy, Oluwaseun Fakuade, disclosed this in a statement issued on Sunday, June 14.

The commissioner explained 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 after a competitive screening process and bootcamp, adding that 177 applicants have emerged as beneficiaries.

The beginning of the disbursement was a big step in the state’s attempt to grow a lively innovation economy, he said.

“This is a promise kept. This is what that commitment looks like in practice when his excellency, governor Oyebanji directed us to build an innovation ecosystem that reaches every part of Ekiti State. We owe it to the seven hundred and forty-six Ekiti entrepreneurs who placed their ideas in our hands, to deliver a programme that is serious, transparent and consequential. This disbursement is proof that we are putting action behind that trust.

“The fund was being delivered in partnership with First Bank of Nigeria (FBN) in the first disbursement cycle, whose collaboration is critical to the design and implementation of the initiative,” Fakuade said.

The statement said grants were given in three categories, based on the stage of development of each venture. While many recipients obtained proof-of-concept funding, a smaller group was awarded pre-seed support.

Tier 1 beneficiaries received between N750,000 and N2 million each; Tier 2 recipients were awarded between N350,000 and N750,000 while Tier 3 grantees received up to N350,000.

Women-led enterprises were present in all three funding tiers, reflecting the programme’s aim to create an inclusive innovation ecosystem, it added.

The government also said applications were received from eight sectors of innovation, with the largest share going to agriculture, followed by technology and manufacturing.

On the sectoral spread, Fakuade said the initiative was deliberately designed to support entrepreneurs across different segments of the economy.

“We didn’t design this fund for a particular type of entrepreneur. Ekiti’s economy is diverse and the ideas of our people are diverse. An agritech innovator in Irepodun. A software developer in Ado-Ekiti. They both deserve a credible pathway to scale. That’s what the IESF is building,” he said.

The commissioner also credited the successful rollout of the programme to Oyebanji’s commitment to innovation and entrepreneurship.

“Governor Oyebanji has always known that an innovation economy is created by deliberate policy and sustained commitment and not by geography or inheritance. His decision to put the full weight of this administration behind the ideas of the people of Ekiti made the IESF possible and the entrepreneurs who are starting this journey are the direct expression of that leadership,” he added.

Also commenting, the business manager, public sector directorate, at First Bank of Nigeria (FBN), Adebayo Yacoub, said the partnership was a testimony to the bank’s commitment to enterprise development and sustainable economic growth.

“FirstBank is committed to initiatives such as the IESF that enhance enterprise development and promote sustainable economic growth. We are proud to support platforms that empower innovation, deepen collaboration across sectors and unlock opportunities for the next generation of business leaders. “This partnership is a reflection of our continued commitment to building a resilient and inclusive economy,” he stated.

The IESF is an initiative of the Ekiti state government with support from FBN to accelerate the growth of tech-enabled businesses and startups in the state.