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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
In the competitive world of online trading, finding a trading brokerage partner that balances reliability, technological innovation, and accessible conditions is essential. Headway broker has emerged as a significant player, currently serving over 4 million users globally.
In this article, we take a detailed look at what makes this broker for trading a notable option for both novice and experienced traders.
Headway Regulatory Foundation and Safety
Safety is the cornerstone of any trading relationship. Headway broker operates under the regulation and licensing of the Financial Sector Conduct Authority (FSCA). This regulatory oversight ensures that the broker adheres to strictly defined standards for transparency and operational conduct, providing traders with an added layer of security and confidence when managing their portfolios.
Trading Platforms and Instruments
Efficiency in trading Forex and other markets is driven by the tools at your disposal. Headway provides a robust technological trading ecosystem:
Industry-Standard Platforms: The broker fully supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most widely used platforms for technical analysis and automated trading.
Proprietary Mobile App: For traders who prioritize mobility, Headway offers its own custom-built trading app. It is readily available for download on both Google Play and the App Store, allowing for seamless account management and trading on the go.
Diverse Market Access: Traders have a wide range of opportunities with access to over 300 trading instruments, ensuring plenty of choice for different strategies and asset classes.
Trading Account Types Offered by Headway
Headway broker understands that every trader enters the market with a different level of experience:
Three Account Tiers: To ensure inclusivity, the broker offers three distinct types of accounts (Cent, Standard and Pro), tailored to suit different levels of expertise and capital requirements.
Demo Account: For those looking to refine their skills without financial risk, Headway provides a comprehensive demo trading account. This is the perfect environment to practice strategies, understand how the platform works, and gain confidence before transitioning to live trading.
Customer Support and Incentives
Headway supports its user base with comprehensive resources and financial incentives:
24/7 Technical Support: Market fluctuations happen at any time. Headway provides round-the-clock technical support for the traders, ensuring that help is always available whenever a question or issue arises.
150$ No Deposit Bonus: To help new traders get started, Headway offers a $150 no deposit bonus. This is an excellent way to test the broker’s execution speed and trading environment with zero initial risk.
IB Partnership Program: Beyond individual trading, Headway fosters growth through its Introducing Broker (IB) partnership program. This allows partners to build their business and earn commissions by referring new traders to the platform.
Conclusion
With its combination of FSCA regulation, a vast range of instruments, and modern platforms like MT4, MT5, and its own proprietary app, Headway FX broker provides a comprehensive environment for modern traders. Whether you are using the demo account to hone your skills or taking advantage of the 150 no deposit welcome bonus, this broker offers the stability and tools needed for your trading journey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
