Nigeria is Africa’s biggest startup economy. Findings show that five of the seven unicorns in Africa have Nigerian roots.
In 2021, Nigerian startups raised $1.5bn out of the $4.3bn that was channelled to the continent, according to ‘Africa: The Big Deal’, a database and insights firm which focuses on startup funding above $100,000 on the continent. Since the turn of 2019, Nigerian startups have raised more than $3.5bn, with 36 per cent of the total amount raised in Africa.
In terms of number, Nigeria has the most startups on the continent, estimated between 500 and 700 based on reports. This growth is responsible for the nation’s burgeoning tech ecosystem, ushering in the boom of young entrepreneurs, intrapreneurs, developers, designers, product designers, and more.
Also, this growth has led to the emergence of a new crop of chief executive officers in the nation. Many consider tech workspaces to offer more in terms of workers’ welfare than traditional workspaces since one of its key ingredients is disruption.