No fewer than 300 innovators and entrepreneurs drawn across 16 local government areas of Ekiti State have received financial support to upscale their startups, innovations and business ideas through Innovation Enterprise Support Fund (IESF).

The disbursement of the fund to the beneficiaries held at the weekend in Ekiti under the IESF, was part of a collaboration between First Bank and Ekiti State government.

Speaking at the event, the Managing Director and Chief Executive Officer of First Bank, Mr Olusegun Alebiosu said the partnership aligns with FirstBank’s longstanding commitment to financial inclusion, Small and Medium Scale Enterprises development, and youth empowerment.

Alebiosu who was represented by Mr Adebayo Yakubu from the Public Sector Department, said the initiative was designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across Ekiti state.

According to him, the collaboration aside funding would also provide mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities

“We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation.

“It takes money, commitment, training and mentorship to take your initiative from ideas to impact. So what we are doing in Ekiti is to provide the funding that supports that entire process.

“So as a bank, we have committed close to about N50 million to make that happen through the Innovation Enterprise Support Fund.

“It is a way of supporting the society and helping build entrepreneurs. You can imagine what that will do to Ekiti if we can have multiple entrepreneurs.

“It means that the economy of Ekiti will grow, more jobs will be created and more lives will be impacted,” he said.

In his remarks, the Ekiti State Governor, Mr Biodun Oyebanji said the collaboration was a strong testament to what can be achieved when public partnership, public leadership aligned with private sector commitment for sustainable development.

Oyebanji who was represented by his Chief of Staff, Mr Niyi Adebayo, described the initiative as a carefully designed platform to identify, nurture skill enterprises within the state ecosystem.

“This initiative also integrate capacity building, mentorsship and capability framework to ensure that beneficiaries are not just funded but positioned for long term success,” he said

The governor urged the beneficiaries to strive to be good ambassadors of the state, build with discipline, innovate with purpose and grow with integrity.