Nigeria has maintained its 64th position on the global startup index, according to StartupBlink, despite a decline in investments in the African ecosystem.
The report stated that funding in the country dropped from around $800 million in 2022 to $200 million in 2023. StartupBlink’s global startup map and research center, covering 1,000 cities in 100 countries, highlighted Lagos as leading other West African cities and being one of only two African cities in the global top 100.
StartupBlink noted that Nigeria’s public sector is increasingly recognizing startups’ potential, with initiatives like the Startup Nigeria incubator and the Co-Creation Hub fostering entrepreneurship.
However, infrastructure deficits and limited governmental support remain challenges that need addressing to unlock the ecosystem’s full potential.