Nigerian Tech Industry Raises $417.5m in Nine Months


Technology startups in Nigeria have raised an estimated $417.5m in nine months, compared to $300m raised in 2020. This is based on funds announcement analysis on TechCrunch, TechCabal, and Nairametrics.

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According to the analysis, the fintech firms accounted for 90.78 per cent of the $417.5m raised so far this year, edutech companies, healthtech firms, and communications tech organisations accounted for the remaining 9.22 per cent of the amount raised.

Nigeria has the highest number of startups in Africa with most of them operating in the financial service sector because of the large number of underbanked and unbanked population in the nation. This is according to the African Tech Ecosystem of the Future 2021/2022 Ranking compiled by fDi Intelligence of Financial Times, in collaboration with Briter Bridges.

According to an Enhancing Financial Innovation & Access report, about 38 million adults are financially excluded from Nigeria’s 200 million population.

Between 2014 and 2019, the Nigerian fintech space raised over $600m. According to the FinTech Association of Nigeria, investment in the financial service ecosystem is expected to exceed $400m in 2021, and its revenue base is estimated to reach $543m by 2022.

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To further boost the status of the startup space, the present administration had described the youth as the nation most valuable natural resource, at home and abroad for their ingenuity, creativity, innovation and entrepreneurial spirit is evident to all.

Government promises to partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled. This has informed the formation of the ‘Startup Bill’, which is set to be presented before the National Assembly before the end of 2021.

According to the ‘Startup Bill’ website, the project is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the digital economy through co-created regulations.

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The bill will ensure that Nigeria’s laws and regulations are friendly, clear, planned, and work for the tech ecosystem. This, we believe, will contribute to the creation of an enabling environment for growth, attraction, and protection of investment in tech startups.

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