Nigeria Fund Backs 60 Startups, 40% for Women Founders

Sixty Nigerian startups are about to get the boost they've been waiting for, thanks to a new partnership putting money and mentorship directly into the hands of entrepreneurs who need it most.

FirstBank and the Ekiti State Government just launched the Innovation Enterprise Support Fund, a program designed to transform promising ideas into job-creating businesses. Each participating startup will receive between ₦150,000 and ₦1,200,000 (roughly $100 to $800 USD) depending on their stage of development.

The fund stands out for one crucial commitment: at least 40 percent of the money is reserved exclusively for female-led enterprises. In a country where women make up 35 percent of the startup ecosystem but often struggle to access capital, this guarantee levels the playing field in a meaningful way.

The program works in three phases covering ideation, pre-acceleration, and acceleration. Startups won't just get cash—they'll receive mentorship and connections to help them reach customers and grow sustainably.

Olusegun Alebiosu, FirstBank's Managing Director, explained the bank's vision simply: "We see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners." FirstBank has spent 132 years supporting Nigerian businesses and created the SME Connect Platform as a digital hub for entrepreneurs building their ventures.

The Ripple Effect

This isn't just about 60 businesses getting funded. When startups succeed in Nigeria, they create jobs in communities where opportunities can be scarce. They solve local problems with homegrown solutions. And when women entrepreneurs thrive, research shows they reinvest up to 90 percent of their earnings back into their families and communities.

Ekiti State is betting that strengthening its innovation ecosystem today will transform its economy tomorrow. By focusing on tech-enabled businesses, the fund positions young entrepreneurs to compete in digital markets far beyond state borders. The emphasis on youth and underserved communities means people often left out of traditional financing finally get their shot.

This partnership shows what's possible when banks and governments work together to remove barriers instead of adding them. Sixty startups are about to find out what they can build when someone believes in them enough to invest.