Between 2015 and 2022, Nigerian technology startups have secured funding totalling just over US$2 billion. This is the highest amount of funding recorded by any country in Africa.
Nigeria is the leading African destination for foreign direct investments in technology startup businesses.
What is the attraction? The “big-four” countries attract more startup FDI than other African countries because of their large economies and sizeable populations. This makes it a rare paywalled subscription success story in Nigeria, where consumers are generally unwilling to pay websites for information.
Corruption is still a problem Due to corruption, Nigeria, unlike other oil producing countries like Norway and Qatar, has been unable to benefit from surging global oil prices. It used to be Africa’s largest oil producer but lost this position to Angola this year.
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