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Nigeria In One Minute

Local funding slows as tech startups raise $95m offshore

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Nigeria’s sluggish economic landscape is fast finding expression in the information and communications technology (ICT) sector, as there appears to be a pause in local funding and investments into indigenous startup companies.

The Guardian gathered that the last time a tech startup got local funding in the country was about three years ago.

On the contrary, opportunities explored by some of these startups offshore, appear more promising, and has paved the way for fresh injection of funds into their businesses.

Specifically, checks by The Guardian showed that in 2018, Nigerian tech startups raised about $95 million, the highest in Africa with about 58 firms benefitting.

The Guardian, Thursday 14, February

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