Ekiti Begins N55.6m Grant Disbursement to Entrepreneurs
The Ekiti Government has begun the disbursement of N55.6 million in grants to 177 entrepreneurs selected across the state under the Innovation Enterprise Support Fund (IESF), in partnership with FirstBank of Nigeria.
This is made known in a statement to newsmen on Wednesday in Ado-Ekiti. The first phase of the disbursement is aimed at supporting innovation-driven businesses and encouraging enterprise development in the state.
The fund, established by the administration of Gov. Biodun Oyebanji, attracted 746 applications from entrepreneurs and innovators across the 16 local government areas of the state.
Following a competitive selection process and bootcamp, 177 applicants emerged as beneficiaries.
The Commissioner for Innovation, Science and Digital Economy, Mr Oluwaseun Fakuade, said the disbursement represented a key step in the state’s efforts to develop a sustainable innovation ecosystem.
According to Fakuade, the programme reflects the government’s commitment to providing entrepreneurs with access to funding and opportunities for growth.
“Seven hundred and forty-six Ekiti entrepreneurs entrusted us with their ideas, and we are committed to delivering a transparent and impactful programme.
“This disbursement shows that the government is translating that commitment into practical support for entrepreneurs,” he said.
Fakuade said the grants were categorised into three tiers based on the developmental stages of the businesses, with beneficiaries receiving proof-of-concept and pre-seed funding.
He said Tier One beneficiaries received between N750,000 and N2 million each, while those in Tier Two received between N350,000 and N750,000, and Tier Three beneficiaries received up to N350,000.
The commissioner added that women-led enterprises were represented across all three categories, in line with the programme’s objective of promoting inclusive participation in the state’s innovation ecosystem.
He said applications were received from eight sectors, with agriculture recording the highest number, followed by technology and manufacturing.
“We did not design this fund for one category of entrepreneur. Ekiti’s economy is diverse, and the ideas coming from our people reflect that.
“Whether it is an agritech innovator in Irepodun or a software developer in Ado-Ekiti, every entrepreneur deserves a reliable pathway to expand,” he added.
Fakuade attributed the successful implementation of the programme to the backing of Gov. Oyebanji, noting that deliberate policies and sustained commitment were necessary to build an innovation-driven economy.
Also, Mr Adebayo Yacoub, Business Manager, Public Sector Directorate of FirstBank of Nigeria, said the partnership demonstrated the bank’s commitment to supporting enterprise development and economic inclusion.
Yacoub said the bank would continue to support initiatives that promote innovation, enhance collaboration across sectors and create opportunities for emerging entrepreneurs.
The Innovation Enterprise Support Fund is an initiative of the Ekiti State Government, implemented through the Ministry of Innovation, Science and Digital Economy with support from FirstBank of Nigeria. Abbey Mortgage Bank Soars 47% on CBN Licence Approval
