60% of Nigerian startups are funded by the US, and 80% are incorporated in it - Consul General

[COLI MANDINGO]

• More than 60 per cent of venture capital funding for Nigerian startups originates from the United States.
• 80 per cent of Nigerian startups are formally incorporated in the United States.
• United States accounted for over 40 per cent of Africa’s VC funding in 2022, injecting over $2 billion into various local startups across the continent.

More than 60 per cent of venture capital funding for Nigerian startups originates from the United States, as revealed by Consul General Will Stevens.

According to him, 80 per cent of Nigerian startups are formally incorporated in the United States. These insights were shared during his keynote address at the Global Tech Africa Conference conducted in Lagos on Friday.
He said, “US venture capital firms are investing heavily in African tech startups with over 60 and 40 per cent of venture capital funding in Nigeria and Africa respectively coming from the United States.
“Up to 60 per cent of African startups are incorporated in the United States – this figure is 80 per cent when considering Nigeria alone. In 2021, African startups raised $4.8bn, this translates to an average of over $1m every 2 hours,” he said.

He added that the United States accounted for over 40 per cent of Africa’s VC funding in 2022, injecting over $2 billion into various local startups across the continent.
Despite a decline in venture capital funding this year, he noted that prominent US investors such as Techstars, Y-Combinator, and 500 have successfully concluded over 100 significant deals in the first nine months of the year.
He stressed that the numbers indicate that the US has a strong interest in supporting the growth of the digital economies of the continent and Nigeria.

According to him, U.S. investors recognize the potential for substantial returns, considering the rapid growth of African startups that are disrupting traditional industries. He noted Nigeria's role in reshaping the future of technology in Africa.
He confirmed that a digital transformation is unfolding in Africa, and the Digital Transformation with Africa initiative will enable over $450 million in financing to cultivate an inclusive and resilient digital ecosystem on the continent.

60% of Nigerian startups are funded by the US, and 80% are incorporated in it - Consul General

More than 60 per cent of venture capital funding for Nigerian startups originates from the United States, as revealed by Consul General Will Stevens

africa.businessinsider.com

 

[get these nets]

The Nigerian diaspora. Growing number of them in finance and tech. And as was pointed out in the quotes, there are a couple of factors that attract outsiders looking to invest in Africa and that country specifically.

 

[IIVI]

People want to make money.

A lot of 3rd world countries are getting money dumped into them by people who missed the boat on other come ups.

Got to go to where the ball is going, not to where it is.

You see something like how crazy and quickly A.I can modernize a country and that's an opportunity to make plenty of money because it'll level them up exponentially rather than an incremental come up in a developed country.

Online education platforms like Khan Academy, Youtube, etc. for example have leveled up so many people around the world so that not only are they looking to go to the next tier, but make innovations. They don't need outdated donated books anymore as everyone got a phone which opens up availability to the internet's high-quality educational resources.

 

[Voice of Reason]

Which means that foreigners will primarily benefit if these companies succeed.



Why couldn't a group of Nigerian investors in Nigeria invest?

 

[UncleTomFord15]

Most likely American investors looking to diversify in an emerging market.

 

[COLI MANDINGO]

Which means that foreigners will primarily benefit if these companies succeed.



Why couldn't a group of Nigerian investors in Nigeria invest?

That’s a question for many of Africa’s industries…

 

[Buddy]

Coli brehs and internet ass muhfukkas alike swear that we're American and have no business-- literally-- in the diaspora... and yet this is happening from America.



got me fukked up

 

[OperationNumbNutts]

Which means that foreigners will primarily benefit if these companies succeed.



Why couldn't a group of Nigerian investors in Nigeria invest?

I'll paraphrase what Africans told me. In some countries, the government can takeover a company's assets for whatever reason. Sort of like how civil forfeiture works here but on steroids. That's why many African investors take their money to places like Europe. Just saying what I was told.

 

[Voice of Reason]

Coli brehs and internet ass muhfukkas alike swear that we're American and have no business-- literally-- in the diaspora... and yet this is happening from America.



got me fukked up

No one said that you can't invest in Africa.


You can invest anywhere without the BS, "we are all the same" stuff.

I embrace my ADOS ancestry and ethnicity.

 

[Buddy]

No one said that you can't invest in Africa.


You can invest anywhere without the BS, "we are all the same" stuff.

I embrace my ADOS ancestry and ethnicity.

This topic is beyond your purview

 

[Voice of Reason]

This topic is beyond your purview

Says the goofy one note pan-Africanist


You can invest anywhere without abandoning your ethnicity


You will never be African

 

[chkmeout]

Which means that foreigners will primarily benefit if these companies succeed.



Why couldn't a group of Nigerian investors in Nigeria invest?

Shut the fukk up bytch ass mayo boy

 

[Buddy]

Says the goofy one note pan-Africanist


You can invest anywhere without abandoning your ethnicity


You will never be African

You're proving why I say this is beyond your purview. Don't worry about it.