Four Nigerian tech innovators received a seed capital of N20 million after impressing judges at the 2024 DBN Techpreneur Summit organized by the Development Bank of Nigeria (DBN) in Lagos on Thursday, July 10. The winners were Niteon, PowerLab Limited, Powerful Technology, and TradeLenda, selected from a group of 20 tech innovators who pitched their ideas at a DealRoom organized in partnership with Addium Capital.
The summit aimed to bridge the gap between capital seekers and investors, fostering funding opportunities and regenerative growth within Nigeria’s tech ecosystem. Participants were drawn from diverse sectors, including green/renewable energy, recycling, fintech, e-commerce, business financing, insurance, nutrition, health, agriculture, transportation, and automobile spare parts.
Keynote Insights and Market Potential
Mr. Celestine Iwendi, the keynote speaker and an international scholar and Head of the Centre of Intelligence of Things at the University of Bolton, UK, urged Nigerian tech innovators to focus on nature-based solutions to address the country’s social and environmental challenges. Speaking on the theme “Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth,” Iwendi highlighted the vast market for tech innovations in Nigeria, driven by increased Internet penetration and smartphone adoption.
“Nigeria, with a population of over 200 million and multifaceted challenges, offers a significant market for tech-driven solutions,” Iwendi stated. He noted that Lagos, Nigeria’s tech hub, was the only African city included in the Global Top 100 Startup Ecosystems for 2023, signaling the country’s rising prominence in the tech sector.
DealRoom and Networking Opportunities
DBN’s Chief Executive, Mr. Tony Okpanachi, explained that the DealRoom provided an opportunity for Nigerian innovators to network with potential investors, thereby catalysing funding opportunities and fostering growth within the tech ecosystem. He emphasized the importance of developing innovative solutions that drive financial returns and generate positive social and environmental impacts specifically for Nigeria.
“By providing a platform for startups to pitch their ideas, network with investors, and explore funding opportunities, the summit aims to bridge the gap between innovative tech ventures and capital infusion,” Okpanachi said. He highlighted the role of the summit in fostering an environment conducive to investment in Nigerian technology startups, driving economic growth, and accelerating job creation.
Support for MSMEs
DBN organized the Techpreneur Summit to bolster the growth of Micro, Small, and Medium Enterprises (MSMEs) within Nigeria’s innovation ecosystem. Since its inception in 2018, DBN has supported small business owners, with 72 percent of the beneficiaries being women and 24 percent youth.
“In addition to lending, DBN provides technical assistance to Participating Financial Institutions (PFIs) to encourage lending to MSMEs. DBN also assists in capacity building for MSMEs through various initiatives, one of which is the Techpreneur Summit, aimed at better understanding the needs of Nigeria’s tech ecosystem to provide sustainable financial solutions,” Okpanachi concluded.
