Ekiti State Disburses ₦55.6m in Grants to 177 Local Entrepreneurs

The Ekiti State Government has commenced the disbursement of ₦55.6 million in grants to 177 small business owners and innovators under its new Innovation Enterprise Support Fund (IESF). The initiative, launched in partnership with FirstBank of Nigeria, is designed to stimulate economic growth and boost local tech-enabled startups across the state.

State Commissioner for Innovation, Science, and Digital Economy, Oluwaseun Fakuade, announced the development, noting that the selection process was highly competitive. The program drew 746 applications from all 16 local government areas. Following a rigorous screening process and an entrepreneurial bootcamp, 177 beneficiaries were selected to receive funding.

The grant program is structured into three tiers based on the business lifecycle and development stage of each venture:

| Funding Tier | Target Group | Grant Amount Per Beneficiary |

| Tier 1| Pre-seed startups and established models | ₦750,000 to ₦2,000,000 |

| Tier 2| Mid-stage proof-of-concept ventures | ₦350,000 to ₦750,000 |

| Tier 3 | Early-stage ideas and micro-enterprises | Up to ₦350,000 |

The funding targets eight key economic innovation sectors. Agriculture accounted for the largest share of applications and grants, followed closely by technology and manufacturing. The state government emphasized that women-led enterprises are represented across all three tiers, aligning with the program’s mandate for gender inclusivity.

Fakuade stated that the fund is a deliberate policy by the Governor Biodun Oyebanji administration to build a resilient innovation economy. He added that whether an entrepreneur is building agricultural technology in Irepodun or developing software in Ado-Ekiti, the IESF is designed to provide a credible pathway to scale their business operations.

Adebayo Yacoub, Business Manager of the Public Sector Directorate at FirstBank of Nigeria, added that the institution partnered with the state to support financial inclusion and sustainable enterprise development, providing the next generation of business leaders with the resources needed to scale up.