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.
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.
