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 Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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