Nigerian startups raised 60% of African tech funding in 2021 – US

The United States has revealed that Nigerian startups had the lion share of tech startup funding available to African startups in 2021.

US Ambassador to Nigeria, Mary Beth Leonard, said African startups raised about $2.9 billion in total, whereas Nigerian based companies raised $1.7 billion.

Leonard said this at the Nigeria Tech Summit which held in Abuja on Friday.

She said, “Africa-based tech startups have raised more than $2.9 billion. Nigerian startups, which are creating new products, services, and platforms, raised $1.7 billion of this total or about 60% of it. Africa boasts a total of seven tech ‘unicorns’ or companies valued at over $1 billion.

“I find it very exciting to note that three of these companies — OPay, Flutterwave, and Interswitch – are born and bred of Nigerian talent. We firmly believe that Nigeria, with the proper support, has enormous potential to do even more.”

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The US Ambassador reiterated the US’ commitment to offering support to Nigeria’s burgeoning technology and innovation space.

She expressed the hope that an enabling environment would help create more global businesses birthed in Nigeria adding that the COVID-19 pandemic did not hinder the support the US government offered.

“The U.S. Mission will continue to do its part to support Nigeria’s burgeoning tech scene and encourage the creation of enabling environment necessary to foster a sector that will, in turn, launch still more global businesses and contribute to a more prosperous future for all its citizens.

“I also want you to know that our commitment and support to such key populations within Nigeria was not hindered by the pandemic,” the ambassador added.

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