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Nigeria is the Most Popular Investment Destination on the Continent

Nigeria leads the way for tech startup funding on the African continent over the last eight years, with fintech companies the main driver. That is according to the Nigerian Startup Ecosystem Report 2022, released by startup-focused news and research company Disrupt Africa. Between January 2015 and August 2022, 383 tech startups raised a combined US$2,068,709,445 – a higher total than any other country. Nigeria’s dominance is only getting greater in this regard. So far in 2022, 107 Nigerian startups have raised funding, accounting for around one third of the continent’s funded startups so far this year. The country’s running tally for 2022 stands at US$747,908,000 – closing in last year’s total of US$793,790,000. Only 75 (15.6%) of Nigerian tech startups have at least one female founder, and just short of half have taken place in some form of accelerator or incubator programme. The 481 startups tracked here employ between them just short of 20,000 people. The publication, which is the 18th released by Disrupt Research, is over 50 pages in length and provides a detailed overview of the Nigerian startup ecosystem and its development over the last 5-10 years. It involves analysis as to what areas startups are active in, a detailed look at funding and M&A trends, and detail the range of startup support services available to Nigerian entrepreneurs, including hubs, incubators, accelerators, and government, corporate and university initiatives.