New Telegraph

Report: Nigerian startup space generates N373.5bn

Nigerian startup space has continued to enjoy growth as recent report revealed that the tech initiative has so far generated a total of N373.5 billion between January and August this year.

A report by Disrupt Africa also revealed that a total of 238 tech startups in Nigeria had equally raised $2.068 billion in the last seven years. The research platform stated that Nigeria was the most popular investment destination on the continent with the large revenue generated so far.

The report, which captures funding in the tech startup ecosystem from January 2015 to August 2022, further disclosed that 107 Nigerian startups had raised funding in the last eight months, accounting for around one third of the continent’s funded startups so far this year.

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

“It is high time we dug deeper into its growth, and this report does just that. We hope it serves as a valuable resource for both those already active in Nigeria and those looking to start doing business there soon.”

Co-founder of Disrupt Africa, Tom Jackson, also said: “It is core to our identity as a company that we offer entrepreneurs – both active and aspiring – access to pivotal information, resources and opportunities with which to take their businesses to scale.

“The democratisation of data, and the release of detailed industry reports free of charge, is central to that, and with that in mind we hugely appreciate the assistance of all our partners, who are doing their bit to ensure this report reaches as many people as possible.

“As a venture capital firm firmly invested in the success of African startups, Quona is pleased to support Disrupt Africa’s endeavour to make this informative report freely available to the broader ecosystem.”

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