The Nigeria 2022 Venture Report is MAGNiTT's debut report on the country, consolidating detailed data on the growth and trends that shape Nigeria's venture capital and startup ecosystems.
Nigeria was one of Africa’s most impacted markets when the pandemic pushed investors into a risk off approach in 2020. Funding in the country fell by 70% year-over-year in 2020 even though transactions remained healthy.
Yet, 2021 turned that around drastically in the country. Funding activity in Nigeria increased by 431% in 2021 when compared to 2020, rising to a record-high. The growth in deal flow also picked up to 65% YoY in 2021, as compared to 21% YoY in 2020, reaching an all-time-high. In another record, the number of investors financing local startups were the highest in 2021.
As the hub of Fintech in Africa, 43% of the total capital deployed into Fintech startups across Africa was directed towards ventures based in Nigeria.
Key Highlights - Nigeria 2022 Venture Investment Report
- Nigeria saw one of the largest growths across Africa as funding jumped by 431% between 2020 and 2021
- Nigeria ranked 2nd number of VC transactions by and 1st by funding amount across Africa
- The Nigerian ecosystem recorded two mega deals ($100M+ rounds) and six exits in 2021
- Fintech startups accounted for 37% of all deals closed in the country
- The number of investors that backed Nigerian startups in 2021 more than doubled year-over-year to reach record-high
What’s In The Report?
This yearly report provides a comprehensive overview and a deep dive into the continent's venture capital and funding investment space and includes the following:
• A 5-year analysis of Nigeria venture funding evolution, with a focus on 2021 country and industry performance benchmarks
• Top 20 investor ranking, together with the business type and HQ analysis of all investment firms in the region
• Top 20 startup funding rounds that were closed during the analyzed period, as well as the ticket size split of the entire deal flow
• A 5-year Nigeria exit evolution with country breakdown
• Top 10 last exits for Nigeria-based startups
Who will benefit from the report?
The Nigeria Venture Investment Report is ideal for investors tracking startup activity, consultants looking to identify technology innovation trends, as well as government entities searching for investments.
This report was created with data from MAGNiTT, a comprehensive directory of technology innovation trends. The platform provides the following analytics tools:
• Investment directories, a comprehensive list of all startup venture funding across the Middle East, Africa, Pakistan, and Turkey
• Market Sizing Tools to visualize investment growth and trends across industries, geographies, and stage
• Startup Resources including a deal flow tool for applications to leading Venture Capitalists for investment
• Exit comparisons, looking at Mergers & Acquisitions from across the region
Sign-up for a demo to learn more about how our platform can help you make data-driven decisions.