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    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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Nigerian Tech Firms Raised $1.7bn Investment in 2021

by Eucharia Egwuma
December 20, 2021
in Business, Tech
Reading Time: 2 mins read
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Nigerian Tech Firms Raised $1.7bn Investment in 2021
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With $1.7 billion, Nigeria attracted 60% of the total money raised by tech startups in Africa in 2021.

This was disclosed by US Ambassador, Mary Beth Leonard, at the Nigeria Tech Summit.

The Ambassador noted that three tech unicorns; OPay, Flutterwave, and Interswitch were born and bred by Nigerian talents. She stated that with the proper support, there’s enormous potential to do even more.

The Ambassador noted the significant success that Nigeria has made to attract the most funding for fintech in the continent. 

She said, “Africa-based tech startups have raised more than $2.9 billion. Nigerian startups, which are creating new products, services, and platforms, raised $1.7 billion of this total or about 60% of it. Africa boasts a total of seven tech “unicorns,” or companies valued at over $1 billion. 

“I find it very exciting to note that three of these companies — OPay, Flutterwave, and Interswitch – are born and bred of Nigerian talent. We firmly believe that Nigeria, with the proper support, has enormous potential to do even more.”

She stated that the United States would continue to support the Nigerian tech space and try to promote an enabling environment. 

She said, “The U.S. Mission will continue to do its part to support Nigeria’s burgeoning tech scene and encourage the creation of 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.”

She added, “I also want you to know that our commitment and support to such key populations within Nigeria was not hindered by the pandemic. We continued to recruit and promote Mandela Washington Fellows. We were thrilled this October when Vice President Osinbajo took the time to engage our most recent cohort of Nigerian fellows, encouraging Nigerian youths to get involved in political processes and effect changes in their communities.”

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