The Development Bank of Nigeria has announced that it has funded 260,000 youth-led Micro, Small and Medium Enterprises with close to N151 billion, a development the bank believes reflects the growing potential of young Nigerian entrepreneurs to reshape the nation’s economy. The announcement was made at the launch of the DBN Innovation Hub in Kaduna, where the bank noted that innovation must drive Nigeria’s economic future.
The hub, the first in a planned network of six regional innovation centres across the country, is expected to serve as a launchpad for startups, especially early-stage enterprises led by young founders in the North-West. It will provide incubation support, technical assistance, investment readiness training and links to venture capital, with DBN positioned as an anchor investor to attract additional capital into the innovation ecosystem.
A senior economist with the bank described each funded youth enterprise as a reflection of resilience and creativity. He noted that innovation is now central to inclusive growth globally and that Nigeria must empower its young population to compete, create jobs and solve local challenges. The bank also highlighted broader achievements beyond the youth portfolio, stating that over 723,000 women-led MSMEs have benefitted from more than N322 billion in funding, while more than 106,000 startup enterprises have received N119 billion in financing. In addition, over 50,000 MSMEs have been trained physically and online through various programs.
The bank reaffirmed that youth will remain at the heart of its strategy in the coming years, with a target to make thousands more enterprises bankable and investment-ready by 2028. The hub model, developed in partnership with established innovation centers, is expected to strengthen local participation in technology-driven enterprise development while aligning with global standards.
At the launch event, the Kaduna State Government expressed support for the initiative, noting that MSMEs must begin positioning their products and services for both domestic and international markets. The state representative emphasised that Kaduna was the first to sign the tech start-up law, backed by N250 million, to support businesses operating within innovation hubs and enhance their operational capacity. He also reiterated the state’s readiness to collaborate with the bank in improving youth participation, access to finance, capacity building and market expansion.
With the Kaduna hub now open, expectations are high that increased collaboration between development institutions, the private sector and state governments will unlock more opportunities for small businesses, drive innovation and deepen Nigeria’s MSME competitiveness.
