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Foreign startup investors on sidelines after naira plunge - BUSINESSDAY
Nigeria’s foreign exchange reforms have brought greater clarity to the naira and boosted dollar liquidity, but foreign investors in start-ups remain cautious, leaving the country’s once-thriving startup ecosystem starved of fresh capital. Nigeria, the top destination for startup funding in Africa until 2023, has yet to recover its dominance. New data from 'Africa: The Big Deal' shows the country has slipped further behind as investor appetite remains muted.
From January to May 2025, Nigerian startups have raised just over $162 million.
Nigeria’s foreign exchange reforms have brought greater clarity to the naira and boosted dollar liquidity, but foreign investors in start-ups remain cautious, leaving the country’s once-thriving startup ecosystem starved of fresh capital. Nigeria, the top destination for startup funding in Africa until 2023, has yet to recover its dominance.
New data from 'Africa: The Big Deal' shows the country has slipped further behind as investor appetite remains muted. From January to May 2025, Nigerian startups have raised just over $162 million, ou
