Economy
African Startups Funding Drops 21% to $4.1bn in 2023
By Adedapo Adesanya
The total value of funds secured by African startups dropped 21 per cent to $4.1 billion in 2023 from $5.2 billion in 2022 as a result of a wider global slump in funding, a report by Briter Intelligence showed.
According to the Briter Bridges’ Africa Investment Report 2023: Crisis or Adjustment?, after a decade of slow but steady rise, with $1 billion raised, African ecosystems saw a sudden funding spike after COVID-19 in 2021 and 2022, however, this growth halted in 2023.
Briter Bridges, an intelligence and research firm providing data and insights across emerging markets, said the slump in 2023 was due to a global venture investment downturn that impacted Africa’s access to finance, rising concerns around inflated valuations, business sustainability, and increased due diligence and scrutiny from investors.
“2023 was the first year in over a decade where the amount of investment flowing to Africa’s ventures was visibly lower than in previous years,” Mr Dario Giuliani, the founder of the firm said, adding that the trend alarmed investors and founders as “it came at a time when global venture markets took a hit and thousands of companies were forced to shut down.”
The data showed that the number of deals was 11 per cent higher at 1080 compared to 975 deals executed in 2022 while in terms of representation, there was a 30 per cent increase in funding that went to at least 1 female founder, 23 per cent more than 217 in 2022.
Fintechs continued to lead the sector that got the most funding even as there was a growing sector diversification. While fintechs got 32 per cent of the funding in 2023, others including mobility, jobs, health and biotech, agri and agritech, cleantech, education, e-commerce, and logistics & supply chain also had a piece of the pie.
Cleantech recorded 14 per cent of the fundraises, logistics (8 per cent), e-commerce (8 per cent), and jobs (6 per cent) among others.
Briter Intelligence showed that out of the $4.1 billion raised in 2023, 1 per cent of all funded companies (based on disclosed deals alone) captured 45 per cent of all funding. These include usual suspects that have built a name across the continent’s ecosystems throughout the past decade: MNT-Halan, M-Kopa, SunKing and Zipline. On the other hand. 99%, or 755+ companies captured about $2 billion in disclosed funding and 220+ companies announced their deals but never disclosed the amount.
The data showed that 68 per cent of the funding went to the top four markets led by Kenya with $805 million followed by Egypt with $675 million. Nigeria came next with $575 million while $565 million went to South Africa.
Emerging markets led by Tunisia raised $460 million followed by Rwanda with $350 million, Benin Republic with $125 million, and Senegal with $70 million.
In 2023, while early-stage deals hit new records, deals above $1 million contracted. More than 50 per cent of all disclosed early-stage investments were under $250,000.
Briter Intelligence noted that the investment contraction led to companies shutting down or significantly reducing their growth trajectory and falling back to their core market or product. Among these were Twiga Foods, Copia, Cellulant, Jumia, Wave, Marketforce, and Renmoney.
The report noted that 2023 saw public investors and Development Finance Institutions (DFIs) play a key role in funding growth rounds as most deals above $50 million involved DFIs, state/private banks, corporations, conglomerates, or foundations.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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