Nigeria Leads Africa's Tech Boom, Securing $4.6B in Five Years
Nigeria, Africa's largest economy, has emerged as a significant player in the continent's tech scene, attracting $4.6 billion in venture funding over the last five years. This represents nearly a third of the total $16.2 billion funding in Africa during the same period.
During the funding heatwave from 2020 to mid-2022, West Africa, led by Nigeria, attracted 41% of the continent's startup funding. This is almost double the share of the second-most attractive region. However, Kenya has recently overtaken Nigeria, securing $638 million in 2024 alone.
Nigeria's success can be attributed to its five unicorns, each valued at over $1 billion. These include InterSwitch, Andela, Flutterwave, Opay, and Moniepoint. Meanwhile, four other West African countries have secured significant funding since 2019: Ghana ($460 million), Senegal ($410 million), Benin ($133 million), and Côte d'Ivoire ($107 million). Together, the West African region has raised $5.8 billion since 2019, accounting for 36% of Africa's total funding.
While Nigeria remains a dominant force in West Africa's funding landscape, accounting for 70% of the region's total funding in 2024, the scene is becoming more distributed. Other countries are emerging, challenging Nigeria's lead and contributing to Africa's tech boom.
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