Nigeria loses top spot to Kenya — Report

The top spot for total startup investments on the continent has been overtaken by Kenya, as funding into Nigerian startups plummeted to a new low of $410m in 2023. Kenyan startups managed to raise just under $800m, putting them in the lead in Africa for the year. According to ‘Africa: The Big Deal’, Nigeria finished the year as number four, trailing behind Kenya, Egypt, and South Africa. The four countries attracted 87 percent of total startup funding on the continent. Nigerian startups had a difficult 2023, with funding dropping by 65.83 percent year-on-year. Kenya, despite a 25 percent year-on-year decline, was able to secure just under $800m in 2023, the most funding on the continent. South Africa retained the highest share of regional funding at 97 percent, with total funding increasing by 8 percent year-on-year. Overall startup funding in Africa declined by 39 percent to $2.9bn in 2023.