Introduction
Startups in Nigeria have grown exponentially. According to
research conducted by Statista, in 2020, Nigeria recorded over
3,300 startups. This is the highest number in Africa. Coming a
distant second is South Africa with 660 startups and Kenya with
600. Technology startups in Nigeria seem to be leading the pack of
emerging startups in Nigeria and indeed across Africa with leading
lights such as Flutterwave, Paystack and Piggyvest.
Nigeria has seen increasing funding especially for technology
startups over the years. The most recent and indeed the biggest
round of funding in Africa was the Series D round of USD250million
raised by Flutterwave in February 2022. Other noteworthy
investments according to a report published by Nairametrics1, are
funding raised by Moove for USD135million, Bamboo for USD15million
etc. In total, it is estimated that Nigerian tech startups have
raised well over $2billion in funding over the last seven years
– this is
