The Development Bank of Nigeria (DBN) has announced a major shift in its innovation agenda with the revelation that 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, the bank’s Chief Economist, said the hub is designed to accelerate that 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.

Read also: Shettima hails DBN as MSME disbursements top N1trn

The Kaduna facility, the first of six regional innovation hubs DBN plans to establish nationwide, will serve as a springboard for early-stage ventures, especially those led by youth 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 youth 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.

By 2028, DBN aims to make thousands more youth-led enterprises investment-ready and to deepen the 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 of the Kaduna Enterprise Development Agency, who represented Governor Uba Sani at the DBN Innovation Hub, said the state is focused on how MSMEs can leverage ICT innovation and capacity building.

According to him, the State Enterprise and Development Agency is committed to ensuring that finance is well facilitated, markets are well supported, and training is accelerated.

“Now, MSMEs in the state must ensure that their products are export-ready. What I mean by export-ready is that MSMEs in Kaduna State should be able to sell their services or products within the country or outside the country. And that is one of the reasons why the state government — in fact, we are the first to sign the tech start-up law in the country,” he said.

He explained that the tech start-up law is backed by N250 million, through which MSMEs operating within the innovation hub will be supported to enhance their operational capacity.

He further stated the state’s readiness to support and partner with the Development Bank of Nigeria as a critical stakeholder in this endeavour.