The Development Bank of Nigeria, or DBN, awarded N20 million in seed funding to four Nigerian firms (energy startups) with creative concepts related to green and renewable energy during the bank’s 2024 Techpreneur Summit. The goal of the third stage of the summit, which is being hosted in Lagos under the topic “Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth,” is to advance technological ideas in Nigeria that are suitable for investment.
Dr Tony Okpanachi, DBN’s managing director and CEO, emphasised DBN’s dedication to supporting sustainable ventures as he announced the seed funding during the ceremony. According to him, the goal of the 2024 DBN Techpreneur Summit is to give qualified techprenuers access to a pipeline of investors and money, while also showcasing investor-ready technological advancements inside Nigeria’s entrepreneurial ecosystem.
“DBN is working with Addium Capital to host a special DealRoom session during the summit in order to accomplish this. Tech entrepreneurs will be able to meet directly with potential investors on our unique DealRoom platform. “We hope to close the gap between investors and capital seekers by incorporating DealRoom into the summit, which will stimulate funding opportunities and promote regenerative growth within the Nigerian tech ecosystem.”
“One of the events planned for this year’s DBN Techprenuer Summit is a pitch session showcasing creative ideas related to sustainable innovations and green/renewable energy. Four winners of the pitch will receive a total prize of N20,000,000 (Twenty Million Naira) as seed money.
“We at DBN have done our share to put you in touch with investors and funding opportunities. We hope you will make the most of the conversation and the Dealroom.” With 72% of DBN beneficiaries being women and 24% being young people, Okpanachi highlighted the bank’s success in encouraging gender parity in the IT industry while also praising the success of the first and second Techpreneur summits. He said, “We lend through commercial banks, microfinance banks, and other financial institutions that meet our criteria as a wholesale bank.”
Furthermore, he stated that DBN encourages financial institutions taking part in its lending programme to lend to MSMEs by offering technical help in addition to loans. “Through our various initiatives, such as the Techpreneur Summit, which was started to better understand the needs of Nigeria’s tech ecosystem in order to provide sustainable financial solutions to them, DBN also assists in capacity building for MSMEs,” he continued.
