The Ekiti State Government has commenced the disbursement of ₦55.6 million in grants to 177 entrepreneurs and innovators across the state under the first cycle of the Innovation Enterprise Support Fund (IESF), a programme designed to accelerate business growth and strengthen the state’s innovation ecosystem.

The initiative, implemented in partnership with FirstBank of Nigeria, attracted 746 applications from entrepreneurs across the 16 local government areas of the state. Following a competitive screening process and innovation bootcamp, 177 applicants emerged as beneficiaries.

Speaking on the development, the Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, described the disbursement as a major milestone in the administration’s efforts to build a thriving innovation-driven economy.

He said the programme reflects Governor Biodun Oyebanji’s commitment to ensuring that entrepreneurial opportunities and innovation support reach all parts of the state.

According to Fakuade, the government remains committed to operating a transparent and impactful programme that provides deserving entrepreneurs with the resources needed to transform their ideas into sustainable businesses.

The grants were distributed across three funding categories based on the stage of development of each venture. Beneficiaries in the first tier received between ₦750,000 and ₦2 million, while those in the second tier received between ₦350,000 and ₦750,000. Beneficiaries in the third tier received grants of up to ₦350,000.

The commissioner noted that women-led enterprises were represented across all funding categories, underscoring the programme’s commitment to promoting inclusivity and expanding opportunities for female entrepreneurs.

Applications were drawn from eight innovation sectors, with agriculture accounting for the largest share, followed by technology and manufacturing.

Fakuade said the diversity of sectors represented among beneficiaries demonstrates the state’s determination to support innovation across multiple areas of the economy rather than focusing on a single industry.

He added that the initiative is designed to provide entrepreneurs with credible pathways for growth, regardless of their sector or geographical location within the state.

The commissioner also credited Governor Oyebanji’s sustained support for making the programme a reality, noting that the administration has deliberately prioritised innovation, entrepreneurship and economic development through targeted policies and investments.

Representing FirstBank of Nigeria, Business Manager, Public Sector Directorate, Adebayo Yacoub, said the bank’s partnership with the state government reflects its commitment to enterprise development and sustainable economic growth.

He stated that FirstBank remains dedicated to supporting programmes that encourage innovation, strengthen collaboration and create opportunities for emerging entrepreneurs and business leaders.

The Innovation Enterprise Support Fund is an initiative of the Ekiti State Government supported by FirstBank of Nigeria and implemented through the Ministry of Innovation, Science and Digital Economy.

The programme is structured to run over five months and combines financial support with mentorship, market access opportunities and capacity-building initiatives aimed at helping selected businesses scale their operations and contribute to the state’s economic development.