Nigerian Tech Startups Rake-in Over $2 Billion in Seven Years

Nigerian Tech Startups Rake-in Over $2 Billion in Seven Years (News Central TV)

A research platform,  Disrupt Africa which covers news on African tech startups, disclosed that about 383 Nigerian tech startups raised a combined $2 billion in funding between January 2015 and August 2022.

The recent report titled “The Nigerian Startup Ecosystem Report 2022” shows Nigeria earned more than any other country within that period across the continent.

The research tracked the development of Nigeria’s tech startup ecosystem from 2015 to August 2022 based on data extracted from a list of 481 Nigerian tech startups.

Nigerian Tech Startups Rake-in Over $2 Billion in Seven Years (News Central TV)

Alongside Egypt, Kenya, and South Africa, Nigeria is one of Africa’s “big four” startup ecosystems.

“Between 2015 and 2022, 383 tech startups raised a combined $2,068,709,445 a higher total than any other country,” it said.

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It added that as at August 2022, 107 Nigerian startups have raised funding accounting for around one-third of the continent’s funded startups so far this year.

The report noted that the country’s running total for 2022 stands at $747.9 million closing in on the annual record total from last year, put at $793.8 million.

“Fintech Flutterwave netted a $250 million Series D round, reflecting both the enhancing maturity of the Nigerian ecosystem and its prowess in the fintech space,” it said.

“With at least 481 startups active across the country as of August 2022, Lagos leads the way with no fewer than 425 – 88.4 per cent of the startups tracked by the report based out of the city.

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“Capital city Abuja comes a poor second with just 23 ventures, while activity is also in evidence in 13 other locations,” the report said.

Speaking on the report, Gabriella Mulligan, co-founder of Disrupt Africa, said: “Nigeria has long been a pioneering startup ecosystem on the African continent, leading the way in various sectors and increasingly becoming a focus for investment.”

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