The Ekiti state government has approved the release of N55.6 million grants to 177 entrepreneurs picked from across the state under the Innovation Enterprise Support Fund (IESF) to accelerate the local innovation ecosystem and promote enterprise growth.
The state commissioner for innovation, science and digital economy, Oluwaseun Fakuade, made this disclosure in a statement issued on Sunday, June 14.
The commissioner said that the fund, which was established under the administration of governor Biodun Oyebanji, has attracted 746 applications from entrepreneurs and innovators across the state’s 16 local government areas following a competitive screening process and bootcamp, adding that 177 applicants have emerged as beneficiaries.
He said the start of the disbursement was a major step in the state’s effort to grow a vibrant innovation economy.
This is a promise fulfilled. 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. Seven hundred and forty-six Ekiti entrepreneurs placed their ideas in our hands and we owe them a programme that is serious, transparent and consequential. This disbursement is proof that we are backing that trust with action.
“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,” said Fakuade.
The statement said that grants were awarded in three categories, depending on the stage of development of each venture. Many of the recipients received proof-of-concept funding, while a smaller number received pre-seed funding.
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.
It added that women-led enterprises were present in all three funding tiers, reflecting the programme’s aim to create an inclusive innovation ecosystem.
The government also said applications were taken from eight sectors of innovation, with agriculture taking the biggest share, followed by technology and manufacturing.
On the sectoral spread, Fakuade said the initiative was intentionally designed to support entrepreneurs across different segments of the economy.
“We didn’t create this fund for one type of entrepreneur. Ekiti’s economy is diverse and the ideas from our people are diverse. An agritech innovator in Irepodun. A software developer in Ado-Ekiti. Both deserve a credible pathway to scale. That’s what the IESF is building,” he said.
The commissioner also attributed the successful rollout of the programme to Oyebanji’s commitment to innovation and entrepreneurship.
“Governor Oyebanji has always known that an innovation economy is built on deliberate policy and sustained commitment and not on geography or inheritance. It is his decision to put the full weight of this administration behind the ideas of Ekiti’s people that made the IESF possible and the entrepreneurs that are beginning 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 testament 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 cross-sector collaboration and unlock opportunities for the next generation of business leaders. “This partnership is a testament to our continued commitment to building a resilient and inclusive economy,” he said.
The IESF is an initiative of the Ekiti state government, with support from FBN, to accelerate the growth of tech-enabled businesses and startups across the state.
