Ekiti Disburses ₦55.6m Innovation Grants To 177 Entrepreneurs After Screening 746 Applicants
Ekiti Disburses ₦55.6m Innovation Grants to 177 Entrepreneurs After Screening 746 Applicants The Ekiti State Government has commenced the disbursement of ₦55.6 million in Innovation Enterprise Support Fund IESF grants to 177 entrepreneurs, following a competitive selection process that screened 746 applicants across the state. The initiative is part of the state’s broader effort to strengthen innovation, support small businesses, and promote entrepreneurship-led economic growth. According to officials, the programme attracted hundreds of applications from across Ekiti’s local government areas, with entrepreneurs undergoing screening, evaluation, and selection stages before final beneficiaries emerged.
Out of the 746 applicants, 177 entrepreneurs were selected to receive funding under the scheme, which is designed to support early-stage and growth-oriented businesses. The grants are structured to provide targeted support based on business needs and stages of development. Beneficiaries are expected to use the funds to improve operations, scale ideas, and enhance innovation capacity. The state government said the intervention is aimed at building a more sustainable entrepreneurial ecosystem by empowering individuals with viable business ideas across multiple sectors. Officials of the Ekiti State Government said the initiative reflects its commitment to economic diversification and job creation through innovation-driven enterprises. They added that the programme is part of ongoing efforts to position the state as a hub for innovation and small business development in Nigeria.The Innovation Enterprise Support Fund is being implemented in collaboration with development and financial partners, including First Bank of Nigeria Limited, to ensure transparency and effective delivery of support to entrepreneurs. Authorities noted that the scheme is expected to
- Boost small and medium-scale enterprises SMEs
- Encourage youth entrepreneurship
- Promote innovation and technology adoption
- Create employment opportunities across the state
The Innovation Enterprise Support Fund is part of Ekiti State’s wider economic strategy to support startups and innovation-driven ventures through funding, mentorship, and business development support.
- ₦55.6m disbursed to entrepreneurs in Ekiti State
- 177 beneficiaries selected from 746 applicants
- Focus on innovation and enterprise development
- Aimed at job creation and SME growth
- Part of Ekiti’s broader innovation funding programme
