Business and Economy

Nigeria tech startups raised $1.7billion in 2021 as against $1.2billion by rest of Africa

Since the beginning of 2021, Africa-based tech startups have raised more than $2.9 billion with Nigerian startups which are creating new products, services, and platforms raising $1.7 billion of this total or about 60% of it, a new report has found.

According to business consultant and venture capitalist Maxime Bayen’s business database Africa report, otherwise known as the Big Deal, Africa boasts a total of seven tech “unicorns,” or companies valued at over $1 billion.

The US Ambassador to Nigeria, Mary Berth Leonard, in her remarks at the 2021 Nigeria Tech Summit organised by US Embassy in Nigeria, Abuja said the US Mission will continue to do its part to support Nigeria’s burgeoning tech scene and encourage the creation of the 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.

Leonard said it is very exciting to note that three of these of seven African tech companies – OPay, Flutterwave, and Interswitch – are born and bred of Nigerian talent as she firmly believes that Nigeria, with the proper support, has enormous potential to do even more.

According to Leonard: “At the US Mission in Nigeria, we pride ourselves on building, celebrating, and accelerating entrepreneurship. Throughout the year we amplify the work of innovation stakeholders by providing exposure, partnerships, training, and conferences like this Nigeria Tech Summit.

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