Venture capital financing in Nigeria

[Source: Unsplash]

Nigeria’s burgeoning tech start-up ecosystem

Nigeria’s tech start-up ecosystem has become “chart-topping” in recent times, attracting venture capital from Silicon Valley, China, and all around the world. It is perhaps the resilience and creativity of youngsters enabled by technology and rising unemployment rates that have brought Nigeria such fortune. Starting from the early 2010s, the entrepreneurial and technology ecosystems began attracting foreign funding and cooperation. The “tech” sector, (including telecommunications, information and information services, publishing, motion pictures, sound recording and music production, and broadcasting, today accounts for about 17.92% of Nigeria’s GDP. In 2012, it accounted for only about 7.70% of the nation’s GDP.