The Development Bank of Nigeria (DBN) has announced a major shift in its innovation agenda, saying it has funded 260,000 youth-led Micro, Small and Medium Enterprises (MSMEs) with nearly N151 billion, a milestone the bank says, underscores the potential of Nigeria’s young entrepreneurs to transform the economy.
Speaking at the launch of the DBN Innovation Hub in Kaduna on Thursday, Joseph Nnanna, DBN Chief Economist, said the hub was designed to accelerate transformation by giving young innovators the tools and platforms to scale their ideas.
“Each of these enterprises tells a story of courage, innovation, and the power of access to finance,” he said, emphasising that youth-led ventures constitute the engine of Nigeria’s emerging innovation economy.
The Kaduna facility, the first of six regional innovation hubs DBN plans to establish nationwide, is designed to serve as a springboard for early-stage ventures, especially those led by youths in the North-West.
It will deliver structured incubation, technical assistance, investment-readiness programmes, and direct connections to venture capital, with DBN positioned as an anchor limited partner to attract private investors.
Nnanna described innovation as the key to inclusive growth, noting that global economic shifts demand a new kind of entrepreneurial support in Nigeria. “Innovation is the next frontier of inclusive growth and Nigeria cannot afford to be left behind,” he said.
While the youth funding figures were a major highlight, the Chief Economist also pointed to DBN’s broader impact.
He said the bank has supported over 723,000 women-led MSMEs with N322 billion, funded more than 106,000 startup enterprises with N119 billion, and trained over 50,000 MSMEs via online and physical channels.
He reiterated that youths remain a strategic priority, moving forward. “Our young entrepreneurs digital, creative, and resilient are brimming with ideas that can solve real challenges if given the right platform,” he noted.
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By 2028, DBN aims to make thousands more youth-led enterprises investment-ready and to deepen participation of young people across Nigeria’s innovation ecosystem. The new hub model, developed in partnership with leading innovation centres, ensures that DBN’s approach remains locally grounded while aligned with global best practices.
Calling for collaboration, Nnanna urged private-sector players, investors and development partners to join the movement.
“Together, we can turn ideas into enterprises, enterprises into growth, and growth into shared prosperity for all Nigerians,” he said.
Abdullahi Makarfi, Executive Director, Kaduna Enterprise Development Agency, who represented Governor Uba Sani at the DBN Innovation Hub, said the State focuses on how MSMEs can try by leveraging ICT innovation as well as capacity building.
According to him, the The State Enterprise and Development Agency is focused in ensuring that finance is well facilitated, markets is well facilitated, training is well accelerated as well.
“Now, MSMEs in the state must ensure that their products are export ready. What I mean export ready, I mean the MSMEs in Kaduna State should be able to sell their service or commodity or product within the country or outside the country. And that’s one of the reasons why the State government, in fact, we are the first of signing into the tech start-up law in the country” he said.
He explained that the tech start-up law is backed with a 250 million Naira where MSMEs that fall within the innovation hub will be supported and see that their operational capacity is being enhanced.
He further stated the State’s readiness to supporting and partnering with the Development Bank of Nigeria (DBN) as critical stakeholder in this endeavour.