The Development Bank of Nigeria (DBN) has significantly enhanced the advancement of Micro, Small, and Medium Enterprises (MSMEs) within Nigeria's innovation landscape. This progress has been achieved by creating a direct connection between tech innovators prepared for investment and prospective investors, thus providing qualified tech entrepreneurs the chance to secure funding during the recently concluded annual flagship tech event, the 2024 DBN Techpreneur Summit 3.0, which took place on Thursday, July 10, 2024, in Lagos. Dr. Celestine Iwendi, an esteemed international scholar and Head of the Centre of Intelligence of Things at the University of Bolton, UK, presented the keynote address, encouraging Nigerian tech innovators to concentrate on research and development of solutions that tackle the nation’s social and environmental challenges. 

During the summit, Dr. Tony Okpanachi, Managing Director/CEO of the Development Bank of Nigeria, revealed that the collaboration between DBN and Addium Capital facilitated the establishment of DealRoom—an exclusive segment of the summit that allowed tech entrepreneurs to engage directly with potential investors. He further explained that the integration of DealRoom into the summit aimed to close the gap between those seeking capital and investors, thereby stimulating funding opportunities and promoting sustainable growth within the Nigerian tech ecosystem.

“By providing a platform for startups to pitch their ideas, network with investors, and explore funding opportunities, the summit seeks to bridge the gap between innovative tech ventures and capital infusion. This emphasises the importance of fostering an environment conducive for investment in Nigerian technology startups, driving economic growth and accelerating job creation,’’ he said.

Dr. Okpanachi emphasized that the novel concept aims to inspire entrepreneurs to create innovative solutions that not only yield financial benefits but also foster positive social and environmental outcomes, particularly within Nigeria.

“This underscores the importance of aligning entrepreneurial endeavours with the broader goals of sustainable development, creating a more inclusive and resilient economy.’’ he stressed.

This year’s DBN Techpreneur Summit featured a pitch session where 20 technology innovators presented their groundbreaking ideas across various sectors, including green and renewable energy, recycling, fintech, e-commerce, business financing, insurance, nutrition, health, agriculture, transportation, automobile spare parts, and other sustainable innovations.

Following the presentations, four outstanding winners were awarded a total of N20 million in seed funding. The winners included Niteon, PowerLab Limited, Powerful Technology, and TradeLenda.

The head of DBN highlighted the bank's substantial influence on Nigerian MSMEs since it began full operations in 2018, emphasizing its support for women and youth-led enterprises, with 72 percent of beneficiaries being women and 24 percent being youth.

Dr. Okpanachi added:

“In addition to lending, DBN also provides technical assistance to Participating Financial Institutions (PFIs) to encourage them to lend to the MSMEs. But that’s not all; DBN also assists in capacity building for MSMEs through our various initiatives, one of which is the Techpreneur Summit, which was initiated to better understand the needs of Nigeria’s tech ecosystem to provide sustainable financial solutions to them.’’

The keynote speaker, Dr. Iwendi, addressed the theme of this year's summit, 'Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth.' He revealed that Nigeria presents a significant market for technological innovations, particularly in light of the numerous social, economic, and environmental challenges the nation is currently experiencing.

Dr. Iwendi emphasized that innovative solutions have the potential to address and mitigate many of these issues, including food insecurity, escalating general insecurity characterized by insurgency, banditry, and kidnapping, as well as cybercrimes and internet fraud.

“The growth of the tech sector has been catalysed by increased Internet penetration and smartphone adoption, and Nigeria is benefitting from local and foreign investors in the tech sector. Lagos is Nigeria’s tech hub and the only city in Africa included in the Global Top 100 Startup Ecosystems for 2023, meaning Nigeria is coming up. With a population of over 200 million coupled with multifaceted social, economic and security challenges, Nigeria offers a vast market for tech-driven solutions,’’ he said.

Dr. Iwendi, addressing this year’s summit theme, ‘Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth,’ noted the vast market potential for tech innovations in Nigeria, given the country’s social, economic, and environmental challenges.

He called for improved collaboration between government entities and industry stakeholders to tackle challenges such as insufficient funding, gaps in infrastructure, and regulatory obstacles.

Additionally, he advocated for a revised educational curriculum aimed at equipping young people for a technology-driven future.

A prominent panel of industry experts, including Kristin Wilson from Spurt, Ugo Dre from Nairametrics, Dr. Bayo Adekanmbi from Data Science Nigeria, and Solape Akinpelu from HerVest, provided valuable insights into the swiftly evolving technology sector.

They underscored the necessity for Nigeria to harness technology to stimulate economic growth, resolve socio-economic challenges, and enhance the overall quality of life.