The Development Bank of Nigeria (DBN) has announced a major shift in its innovation agenda, revealing that it has funded 260,000 youth-led Micro, Small and Medium Enterprises (MSMEs) with nearly N151 billion. The bank says this milestone highlights the potential of young entrepreneurs to transform the Nigerian economy through enterprise and innovation.
Speaking on Thursday at the launch of the DBN Innovation Hub in Kaduna, DBN Chief Economist Joseph Nnanna said the new hub was created to accelerate growth and scale ideas by offering young innovators tools, platforms, and access to funding.
He noted that every enterprise supported reflects determination and creativity. “Each of these enterprises tells a story of courage, innovation, and the power of access to finance,” he said, stressing that youth-driven ventures are the engine of Nigeria’s rising innovation economy.
The Kaduna centre is the first of six regional innovation hubs DBN plans to open across the country. According to Nnanna, the facility will act as a springboard for early-stage ventures, particularly those led by young people in the North-West region. It will provide structured incubation programmes, technical assistance, investment-readiness training, and direct links to venture capital. DBN will serve as an anchor limited partner, guiding private investors toward emerging enterprises.
Nnanna described innovation as a key driver for inclusive development and said Nigeria must respond to global economic changes by nurturing new business models. “Innovation is the next frontier of inclusive growth and Nigeria cannot afford to be left behind,” he stated.
Beyond youth funding, the Chief Economist highlighted the bank’s broader footprint in the MSME sector. He disclosed that DBN has supported more than 723,000 women-led MSMEs with N322 billion, financed over 106,000 startup enterprises with N119 billion, and trained more than 50,000 MSMEs through online and physical channels.
Nnanna reiterated that youths remain central to DBN’s focus moving forward. “Our young entrepreneurs digital, creative, and resilient are brimming with ideas that can solve real challenges if given the right platform,” he said. He added that DBN intends to make thousands more youth-led ventures investment-ready by 2028 while deepening young people’s participation in Nigeria’s innovation ecosystem. The new hub approach, developed in partnership with innovation centres, aligns with global standards while remaining locally relevant.
Calling for cooperation, Nnanna encouraged private sector actors, investors, and development partners to join DBN’s push. “Together, we can turn ideas into enterprises, enterprises into growth, and growth into shared prosperity for all Nigerians,” he said.
Representing Governor Uba Sani at the launch, Abdullahi Makarfi, Executive Director of Kaduna Enterprise Development Agency, said the State is prioritising how MSMEs can thrive by embracing ICT innovation and capacity-building. He noted that the State Enterprise and Development Agency is working to ensure finance, markets, and training are well facilitated for businesses.
According to him, MSMEs in Kaduna must now position themselves for export opportunities. “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 Kaduna tech start-up law is supported by a N250 million fund dedicated to backing MSMEs operating within the innovation hub and helping them improve operational capacity. Makarfi also confirmed the government’s willingness to collaborate with DBN as a major stakeholder in the State’s development drive.
In 2023, DBN strengthened its youth enterprise agenda through its Entrepreneurship Training Programme, which supported over 10,000 MSMEs with business skills and investment-readiness. The initiative helped young founders improve record-keeping, secure funding, and expand operations. The Kaduna hub builds on this momentum, signalling DBN’s long-term push for youth-driven economic growth.
