A deep dive into the local ecosystem is provided by Disrupt Africa’s Nigerian Startup Ecosystem Report 2022, which examines active startups, regional support systems, and investment and exit activities over the previous 7.5 years.
Disrupt Africa’s research arm was established in 2016, and since then, it has amassed a sizable portfolio of publications, most notably the African Tech Startups Funding Report and Finnovating for Africa, which were once only available for purchase but are now freely available to everyone thanks to open-sourcing initiatives with numerous partners from the continent’s tech ecosystem.
The company’s third geographically specific publication, The Nigerian Startup Ecosystem Report 2022, was made possible thanks to funding from Quona Capital, Sabi, MAX, Talking Drum Communications, Newtown Partners, Kwik, and LipaLater.
According to the report, there were at least 481 tech companies operating in Nigeria as of September 2022, and they collectively employed more than 19,000 people. More than one-third of the nation’s tech companies are present in the most crowded sector, which is fintech. Nearly 50% of software firms in Nigeria have gone through some kind of acceleration or incubation, however diversity is a problem as less than 15.6% have a female co-founder.
A robust funding environment also supports these startups. Between January 2015 and August 2022, more Nigerian tech firms than any other nation raised a total of US$2,068,709,445 in investment, according to at least 383 different estimates. Funding has consistently increased year over year, both in terms of the number of companies sponsored and the total amount secured. Between 2020 and 2021, total investment more than quadrupled, and it is expected to make another significant climb in 2022.
However, with only 15 businesses purchased since 2015, Nigerian startups are only the third most successful in terms of successful exits, trailing only South Africa and Egypt.
The book has the following:
- analysis of the expansion and development of Nigerian businesses;
- discussion of the startup scene in 11 fields of the regional tech economy;
- statistics on new business debuts by year;
- tracking of investments and purchases;
- a comprehensive list of the 481 Nigerian startups that the report tracked. ***When prompted to “identify a fair price,” enter “0” to obtain this item FREE of charge.