Nigerian startups have raised about $3.6bn since 2019, a figure that is a little less than the $3.8bn that was raised by startups in northern and eastern Africa in the time under review.
The firm The Big Deal’, stated that Western Africa was by far the region that attracted the most funding on the continent, thanks to Nigeria which has attracted about 86 per cent of the total funding into the region since 2019.
The firm says Nigeria’s dominance has begun to wane, from 93 per cent of total funding into the region in 2019 to 84 per cent in 2022 to date, although its absolute numbers remain staggering.
It stated that in 2021, start-ups in Nigeria raised the same amount ($1.6bn+) that was raised by all start-ups in Africa in 2020.