Nigeria’s tech scene is thriving with startups tackling challenges in logistics, finance, healthcare, and more. However, this rapid growth has a downside, as a new report has revealed that Nigerian startups borrowed over $415 million out of the $2.1 billion funding accessed by African startups over the past decade.
This figure comes from a recent report by Briter Bridges, a research and market intelligence firm focusing on emerging economies. The report, “Debt Financing in Africa’s Innovative Ecosystem”, reveals that African startups as a whole borrowed a total of $2.1 billion between 2014 and 2023, with Nigeria’s $415 million ranking second behind Kenya’s $800 million.
Despite the debt concerns, the future of Nigerian startups remains bright. The country boasts a young, tech-savvy population, with a thriving entrepreneurial spirit. With careful planning and responsible debt management, Nigerian startups can leverage this debt to fuel their continued growth and become a driving force in Africa’s digital transformation.
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