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Startup - December 21, 2021

Nigeria Accounts for 60% of $2.9 Billion Generated by African Tech Startups

According to the report, 7 Africa tech startups are valued at over $1 billion, and three of these companies are Nigerian.

Nigerian tech startups raised 60% of the total $2.9 billion generated by African tech startups. This was made known by the US Ambassador to Nigeria, Mary Beth Leonard, at the Nigeria Tech Summit.

In the statement by Nigeria Tech Summit, Africa based tech startups have generated more than $2.9 billion from the beginning of 2021. And building new products, services, and platforms, raised $1.7 billion, equivalent to 60%. 

According to the report, 7 Africa tech startups are valued at over $1 billion, and three of these companies are Nigerian. They are OPay, Flutterwave, and Interswitch. Mary, therefore, notes that Nigeria has the potential to do great in the startup ecosystem.

Mary Berth Leonard, during the summit, says, “The U.S. Mission will continue to do its part to support Nigeria’s burgeoning tech scene and encourage the creation of the 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 said, “We pride ourselves on building, celebrating, and accelerating entrepreneurship. Throughout the year, we amplify the work of innovation stakeholders by providing exposure, partnerships, training, and conferences like this Nigeria Tech Summit”.

Leonard went on to say that science, technology, and innovation are the bedrock of the American economy, and the US has a long history of worldwide knowledge and leadership in the digital area.

In light of this, “Strengthening these areas can foster open, transparent governance throughout the world. By implementing capacity-building programs in emerging markets that train young women and men to become science and technology entrepreneurs”, she said.

According to the US Ambassador to Nigeria, an attempt to strengthen innovation ecosystems worldwide has significant economic consequences that can propel Nigeria, the United States, and beyond into prosperity.

“This programme combines mentoring and networking opportunities with a curriculum developed by one of the top U.S. business schools: Arizona State University’s Thunderbird School of Global Management”, she noted.

“We have seen over 550 women entrepreneurs graduate from this programme since its inception in 2019. These women continue to engage and share business successes in various ventures, from book creation to food products, consultancy to artisanal production. We look forward to mentoring future cohorts. 

“I also want you to know that the pandemic did not hinder our commitment and support to such key populations within Nigeria. We continued to recruit and promote Mandela Washington Fellows. 

She disclosed that the pandemic does not affect their commitment. She also said, “We were thrilled this October when Vice President Osinbajo took time to engage our most recent cohort of Nigerian fellows, encouraging Nigerian youth to get involved in political processes and effect change in their communities”.

READ ALSO: South African Fintech Startup, Stitch Raises $2m Seed for Nigeria Expansion

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