Ekiti Government Disburses N55.6m Grant to 177 Entrepreneurs for Business Growth

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.

She explained that the fund was established under the administration of governor Biodun Oyebanji, which has attracted 746 applications from entrepreneurs and innovators across the 16 local government areas of the state after a competitive screening process and bootcamp. She added that 177 applicants have emerged as beneficiaries.

“The start of the disbursement was a big step in the state’s effort to grow a vibrant innovation economy,” he said.

This is a promise fulfilled. This is what that commitment means in practice when his excellency, governor Oyebanji directed us to build an innovation ecosystem that reaches every part of Ekiti State. We owe it to the seven hundred and forty-six Ekiti entrepreneurs who put their ideas in our hands to deliver a serious, transparent and consequential programme. 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 grants were given 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.

Women-led enterprises were represented across all three tiers of funding, reflecting the programme’s objective of creating an inclusive innovation ecosystem, it added.

The government also said it received applications from eight sectors of innovation with the largest share going to agriculture, 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.

“This fund wasn’t designed for a particular type of entrepreneur. Ekiti’s economy is diversified and the ideas of 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 success of the 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. The IESF became possible because of his decision to put the full weight of this administration behind the ideas of the people of Ekiti and the entrepreneurs starting this journey are the direct expression of that leadership,” he added.

Commenting also, Adebayo Yacoub, business manager, public sector directorate, First Bank of Nigeria (FBN) said the partnership was a testimony to the bank’s commitment to enterprise development and sustainable economic growth.

“FirstBank is committed to initiatives like the IESF that enhance enterprise development and promote sustainable economic growth. We are proud to support platforms that foster innovation, enhance 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 Government of Ekiti State supported by FBN to accelerate the growth of tech-enabled businesses and startups in the State.