Tech Startups In Nigeria Have Raised $1.7bn In 2021, Says US Ambassador


With $1.7 billion, Nigeria attracted 60% of the total money raised by tech startups in Africa in 2021.

This was disclosed by US Ambassador Mary Beth Leonard at the Nigeria Tech Summit.

The Ambassador noted that three tech unicorns; OPay, Flutterwave, and Interswitch were born and bred by Nigerian talents. She stated that with the proper support, there’s enormous potential to do even more.

She noted the significant success that Nigeria has made to attract the most funding for fintech in the continent. She said, “Africa-based tech startups have raised more than $2.9 billion. Nigerian startups, which are creating new products, services, and platforms, raised $1.7 billion of this total or about 60% of it. Africa boasts a total of seven tech “unicorns,” or companies valued at over $1 billion. I find it very exciting to note that three of these companies — OPay, Flutterwave, and Interswitch – are born and bred of Nigerian talent. We firmly believe that Nigeria, with the proper support, has enormous potential to do even more.”

Leonard stated that the United States would continue to support the Nigerian tech space and try to promote an enabling environment. She remarked,  “The U.S. Mission will continue to do its part to support Nigeria’s burgeoning tech scene and encourage the creation of enabling environment necessary to foster a sector that will, in turn, launch still more global businesses and contribute to a more prosperous future for all its citizens.”

She added, “I also want you to know that our commitment and support to such key populations within Nigeria was not hindered by the pandemic. We continued to recruit and promote Mandela Washington Fellows. We were thrilled this October when Vice President Osinbajo took the time to engage our most recent cohort of Nigerian fellows, encouraging Nigerian youths to get involved in political processes and effect changes in their communities.”

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