Empowering Entrepreneurs: Nigerian State Calls on Startups, Businesses to Apply for Support Fund
- The Ekiti State government has launched a fund to support startups, scale tech businesses, and promote economic growth
- The programme offers funding, mentorship, and market access, structured into three phases: ideation, pre-acceleration, and acceleration
- The initiative aims to empower youth, women, and underserved communities, with 40% of the fund reserved for female-led enterprises
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Ekiti State government has officially rolled out the Innovation Enterprise Support Fund (IESF), a strategic initiative aimed at fostering innovation, supporting startups, and scaling tech-driven businesses to drive economic growth in the state.
Announced on Thursday, April 2, 2026, this programme, introduced under the leadership of Governor Biodun Oyebanji, aims to provide essential funding, mentorship, and access to market opportunities for high-potential enterprises across Ekiti.
Source: UGC
A comprehensive support system for startups
The IESF is structured to support businesses through three distinct phases: ideation and incubation, pre-acceleration, and acceleration.
These stages are designed to guide startups from the early development stages to more scalable operations.
The initiative is implemented in collaboration with First Bank of Nigeria Limited, emphasising the importance of public-private partnerships for driving enterprise development.
Oluwaseun Fakuade, the Commissioner for Innovation, Science, and Digital Economy, highlighted that the IESF goes beyond just offering funding. It provides expert mentorship, market access, investor connections, and capacity-building in digital and business skills.
He further emphasised that this initiative is not merely about financial support but about creating a robust pipeline of globally competitive entrepreneurs and tech-driven businesses from Ekiti.
Fakuade said:
"This is not just a funding initiative, it is a deliberate strategy to build a pipeline of globally competitive entrepreneurs and tech-enabled businesses from Ekiti.
“We are investing in ideas, but more importantly, in pele and capacity.”
The programme also integrates technology to enhance the selection and evaluation process, ensuring transparency and measurable outcomes.
The initiative specifically targets the empowerment of youth, women, and underserved communities, with at least 40% of the fund earmarked for female-led enterprises.
It is also part of a broader vision to position Ekiti as a leading hub for innovation and enterprise, fostering a resilient, innovation-driven economy.
The statement added:
“The initiative reflects the state’s commitment to building a resilient, innovation-driven economy by supporting scalable businesses and enhancing the capacity of young entrepreneurs."
The government highlighted that the fund incorporates digital tools into both the application and evaluation stages to promote transparency and deliver measurable results.
Applications are now open through the official portal, and selected participants will receive tailored support aimed at enhancing business sustainability and competitiveness.
Source: Getty Images
FG shortlists 65 students for N50m grant
Meanwhile, Legit.ng earlier reported that the federal government shortlisted 65 innovators from over 30,000 applicants nationwide for the Venture Capital Grant programme.
The programme, arranged by the Ministry of Education and the Bank of Industry, offers up to N50 million in funding for qualified ventures.
The organisers disclosed that the selection involved multiple stages of assessment, including AI screening and evaluation by a multi-sector panel.
Source: Legit.ng
