The Ekiti State Government has begun disbursing N55.6 million in grants to 177 entrepreneurs and innovators across the state under its Innovation Enterprise Support Fund (IESF) initiative.
According to the state government, the programme is designed to strengthen entrepreneurship, support startups and drive innovation-led economic growth across Ekiti.
Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, disclosed that 746 applicants from the state’s 16 local government areas applied for the scheme, with 177 beneficiaries emerging after a competitive selection process and bootcamp.
Fakuade described the disbursement as a major step toward building a thriving innovation ecosystem, noting that the government is committed to supporting entrepreneurs with practical resources to grow their businesses.
The grants were distributed across different funding categories based on the stage of each business. Beneficiaries received between N350,000 and N2 million, with funding covering proof-of-concept, startup and pre-seed stages.
The government also highlighted strong participation from women-led businesses, stressing its commitment to creating an inclusive environment for innovation and enterprise development.
Agriculture recorded the highest number of successful applications, followed by technology and manufacturing, reflecting the diverse range of businesses supported under the programme.
Fakuade credited Governor Biodun Oyebanji for championing policies that encourage entrepreneurship, innovation and youth empowerment in the state.
The initiative is being implemented in partnership with FirstBank of Nigeria, which said the programme aligns with its commitment to supporting enterprise growth and sustainable economic development.
