In spite of the country's struggling economy, the Nigerian startup ecosystem has remained a hub for innovation, a source of economic development, and an assurance of a better Nigeria. With over $967million investments already, the Nigerian startups have continuously attracting local and international investors to the country.
There have been success stories from the local startup firms that have attracted global investors seeking high-growth opportunities. From Flutterwave, which raised $250m in a single funding round, to Moove, ThriveAgric, Reliance Health, Bamboo, and so on, Nigerian startups are doing well in various sectors of the economy, including FinTech, agriculture, health, education, and energy.
From tech hubs sprouting up in bustling cities of Lagos, Port Harcourt, Kano, Kaduna, Ibadan, Enugu and others; to groundbreaking solutions emerging from the minds of young entrepreneurs in these cities, the country has firmly established itself as a force to be reckoned with in the global startup arena.
Kofoworola Agbaje, senior investment associate at Quona Capital in Lagos said"Nigeria's fintech startup scene is responsible for some of the most interesting innovations on the continent." However, Janade Du Plessis, the managing partner of Launch Africa Ventures, a renowned Venture Capital firm in Africa, advised Nigerian startups to base their valuations on"logic". He added that founders should not base their valuations on Nigeria's population but rather on"business ratios".
Melwani also advised startups to make proper corporate governance a solid part of their strategy to raise money, as investors expect more information from startups."The market is evolving and changing to a situation where people are expecting real corporate governance."
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