The Ekiti State Government has begun disbursing N55.6 million in grants to 177 selected entrepreneurs across the state under the Innovation Enterprise Support Fund (IESF), as part of efforts to strengthen the local innovation ecosystem and promote enterprise growth.
The Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, announced the development in a statement on Sunday, June 15, 2026.
According to Fakuade, the fund, established under Governor Biodun Oyebanji’s administration received 746 applications from entrepreneurs and innovators across all 16 local government areas.
After a competitive screening process and bootcamp, 177 applicants were selected as beneficiaries.
He described the commencement of disbursement as a major milestone in building a thriving innovation economy in Ekiti.
“This is a promise fulfilled. When His Excellency, Governor Oyebanji, directed us to build an innovation ecosystem that reaches every part of Ekiti State, this is what that commitment looks like in practice,” Fakuade said.
The first disbursement cycle is being implemented in partnership with FirstBank of Nigeria. Grants were allocated across three tiers based on the development stage of each venture:Tier 1: Between N750,000 and N2 million (proof-of-concept and pre-seed support)
Tier 2: Between N350,000 and N750,000
Tier 3: Up to N350,000
Women-led enterprises were represented across all tiers, aligning with the programme’s goal of fostering an inclusive innovation ecosystem.
Applications spanned eight innovation sectors, with agriculture leading, followed by technology and manufacturing. Fakuade emphasised that the fund was designed to support diverse entrepreneurs, from agritech innovators to software developers.
The Business Manager, Public Sector Directorate at FirstBank of Nigeria, Adebayo Yacoub, said the partnership reflects the bank’s commitment to enterprise development and sustainable economic growth.
The Innovation Enterprise Support Fund is an initiative of the Ekiti State Government, supported by FirstBank, aimed at accelerating the growth of tech-enabled businesses and startups across the state.
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