The Development Bank of Nigeria (DBN) has inaugurated its new Ignite Innovation Hub in Kaduna, simultaneously announcing a landmark achievement of N151 billion in financing facilitated for over 260,000 youth-led Micro, Small, and Medium Enterprises (MSMEs) across the country.
The dual announcement at the launch event highlighted DBN’s two-pronged strategy: providing critical financial access while also building the capacity and innovative potential of Nigeria’s next generation of business leaders.
A Hub for Building Future-Proof Businesses
The Kaduna Ignite Hub is designed as a comprehensive support ecosystem, moving beyond traditional financing to address key growth barriers for startups and existing SMEs. The facility will offer:
- Skills Development: Targeted training in digital tools, business management, and financial literacy.
- Tech Infrastructure: High-speed internet, modern software, and collaborative workspaces.
- Investor Access: A direct pipeline for entrepreneurs to connect with DBN’s network of Participating Financial Institutions (PFIs) and venture capital.
- Mentorship: Guidance from industry experts and successful founders.
Dr. Tony Okpanachi, Managing Director of DBN, stated, “While finance is the lifeblood, innovation is the engine of growth. The Ignite Hub is where we nurture that engine. Here in Kaduna, we are creating a birthplace for the transformative businesses that will define Nigeria’s economic future.”
N151bn in Financing: Quantifying Youth Impact
Alongside the hub’s launch, DBN disclosed significant data underscoring its commitment to youth empowerment. The N151 billion disbursed through its PFIs has directly supported 260,000 enterprises owned by Nigerians under the age of 35.
This financing has been pivotal across various sectors, including agriculture, technology, trade, and renewable energy, enabling job creation, fostering innovation, and contributing to national GDP. The announcement serves as a tangible metric of the bank’s mandate to alleviate financing constraints for the demographic at the heart of Nigeria’s entrepreneurial boom.
Strategic Focus on Northern Nigeria’s Potential
The choice of Kaduna for the flagship Ignite Hub is a strategic move to stimulate economic diversification and tech adoption in Northern Nigeria. The hub is expected to serve as a central catalyst, attracting talent and investment to the region.
“Kaduna is open for business and innovation,” said a representative of the State Government. “This hub, coupled with DBN’s proven financial support for young people, aligns perfectly with our agenda to build a skilled, entrepreneurial, and prosperous economy.”
The Road Ahead: Integrated Support for Growth
The launch signifies DBN’s evolution from a wholesale financier to a holistic development partner. By combining direct financial interventionwithphysical innovation infrastructure, the bank aims to create a more sustainable and impactful model for MSME growth.
The Ignite Hub is now open for applications, with DBN encouraging young entrepreneurs and MSMEs in Kaduna and neighbouring states to leverage its resources to scale their ventures.
