Economy
Nigerian Startups Attract $1.2bn from $4.8bn Inflow to Africa in 2022
By Adedapo Adesanya
Nigeria remained the most dominant force when it came to funding raised in 2022 as the country saw a total of $1.2 billion injected by investors in startups, according to estimates seen by Business Post.
In a report, Africa: The Big Deal, Nigerian startups, in the year under review, saw 286 deals worth more than $100,000.
This is even as there was a 29 per cent drop in funding into the country compared to $1.7 billion recorded in 2021. For context, Nigeria recorded $440 million in 2020 and $704 million in 2019.
The country recorded two $100 million+ mega deals in 2022, led by Flutterwave’s $250 million Series D in February and Interswitch’s $110 million round announced in May. This is a drop compared to five deals on record in 2021.
“Nigeria is still the largest market by far in terms of funding (286 $100k+ deals, +14% YoY | $1.2bn, -29% YoY),” the report noted.
In 2022, Western Africa was the region that attracted the largest share of both fundings as it recorded 37 per cent of the investments that came into the continent. It also held the lead in the number of $100,000+ deals (37 per cent also) on the continent.
Overall, Nigeria has seen its regional hegemony further challenged in 2022, with its share of regional funding down 17 percentage points to 68 per cent. In 2021, it had 85 per cent, and it was 88 per cent in 2020, while it stood at 92 per cent in 2019.
The West African region topped the charts in 2021, with 37 per cent of deals and an even higher share of funding then (43 per cent). However, last year, the numbers went down 12 per cent to $1.8 billion compared to $2 billion in the preceding year.
East Africa continued in the second spot as it raked in $1.2 billion.
However, the report fingered noted that most of this dip recorded by Nigeria is due to Ghana’s very strong performance in 2022. The country recorded 47 deals over $100,000 for a total of nearly $400 million (estimating PEG Africa’s acquisition by Bboxx at $200m), nearly 8x times more than in 2021. Ghana ranked #5 at the continent level in terms of funding raised in 2022.
Senegal (#6) followed with 19 $100,000+ deals (same as 2021) and $112 million raised (-50 per cent Year-on-YearoY). Its unicorn, Wave, continued to dominate the numbers, though with 82 per cent of the amount raised in 2022 (with $90 million+ in debt secured), and 90 per cent in 2021 (through its $200 million Series A round).
Further behind is Côte d’Ivoire, with a stable amount of $100,000+ deals (12) but saw a 300 per cent increase in funding to $34 million compared to $11 million.
Togo recorded $10 million following Gozem’s $10 million deal with the International Finance Corporation (IFC).
The report noted that while Mali, Sierra Leone, and the Benin Republic also raised some funding, seven countries in the region recorded no deal at all over $100,000 in 2022.
“Finally, it is worth noting that Western Africa punches above its weight with a higher percentage of funding (37%) than its share of the continent’s population (30%) or GDP (27%). The same goes for its heavyweight Nigeria (25% of Africa’s funding vs. 15% of its population and 17% of its GDP).
“The region averages $4.2 of funding raised per capita, which is over the continental average ($3.2pc). For Nigeria, this number stands at $5.5pc,” the report noted.
Continent-wide, the total amount of funding recorded by African startups amounted to $4.84 billion in 2022, a 7.6 per cent increase from $4.46 billion recorded in 2021.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
By Adedapo Adesanya
A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.
The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.
“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.
It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.
He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.
FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.
From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.
He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.
By Adedapo Adesanya
Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.
Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.
This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.
SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.
“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.
“We expect to resume operations in March following completion of the turnaround,” he said.
Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.
“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.
“It also produces 150 million standard cubic feet of gas per day,” he said.
He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.
Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.
According to him, the last turnaround maintenance was conducted in October 2022.
“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.
The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.
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