Nigeria, Others’ Tech Start-Ups Attract $19.7bn in Funding
Atume Terrfa
Nigeria’s technology start-up scene continues to stand out as one of Africa’s most vibrant innovation hubs, attracting strong investor interest despite global funding pressures. While claims of a $19.7 billion cumulative raise for Nigerian start-ups remain difficult to independently verify, there is little doubt that the ecosystem has secured significant capital in recent years, driven by major funding rounds, growing international investor confidence and the rise of high-growth technology companies.
Fintech remains the backbone of this momentum. Companies operating in digital payments, banking and financial services consistently draw the largest investments, reinforcing Nigeria’s position as Africa’s fintech capital. In 2024, Moniepoint raised $110 million from a consortium of global investors, including Google’s Africa Investment Fund, pushing its valuation beyond $1 billion and confirming its status as a unicorn as it expands services across the continent.
Other major players such as Flutterwave, OPay, Kuda and Andela have collectively attracted hundreds of millions of dollars over multiple funding rounds, with Flutterwave previously crossing the $3 billion valuation mark and OPay securing backing from prominent international investors.
Investment activity is also spreading beyond financial technology, signalling gradual diversification within Nigeria’s tech ecosystem. Start-ups in areas such as digital identity, logistics, energy and enterprise software are beginning to gain traction. In 2024, identity-tech firm Seamfix raised $4.5 million to scale its digital identity solutions across Africa, highlighting opportunities in specialised tech niches outside fintech.
However, the flow of capital has not been without challenges. Funding data tracking disclosed deals above $100,000 indicates a softer first half of 2025 for Nigeria compared with regional peers like South Africa and Egypt, underscoring the difficulty of sustaining mega-rounds amid tighter global investment conditions.
Even so, Lagos continues to anchor Nigeria’s tech ambition, remaining a major magnet for founders, talent and investors. The city hosts most of the country’s fastest-growing start-ups and serves as a launchpad for scalable solutions in payments, logistics, clean energy and digital services tailored to both local and continental markets.
