Grace Ashiru
Nigeria has regained its position as Africa’s leading destination for startup investment, attracting $635 million in funding between January and September 2026, according to figures from African investment tracker Africa: The Big Deal.
The amount represents a 157% increase from the $247 million raised during the corresponding period in 2025, marking Nigeria’s strongest first-nine-month performance since 2022.
The recovery was largely driven by substantial investments in established technology companies, particularly those operating in mobility, financial technology and e-commerce.
Mobility financing company Moove led the funding activity with $250 million, followed by payments technology firm Flutterwave, which secured $100 million. E-commerce platform Jumia attracted $50 million, while digital asset infrastructure provider Yellow Card raised $40 million.
Together, the four companies accounted for $440 million, representing approximately 69% of Nigeria’s total startup funding during the period.
Beyond these major transactions, Nigeria also recorded an increase in the number of startups securing investment. A total of 77 companies raised at least $100,000, compared with 70 during the same period last year.
Nigeria’s performance placed it ahead of Egypt, which attracted $445 million, Kenya with $201 million, and South Africa with $182 million.
Across the continent, startup funding reached approximately $2.16 billion during the nine months, reflecting a slight decline from the previous year.
The investment landscape also experienced a notable sectoral shift as logistics and transport overtook fintech in total funding. Transport-focused startups secured $780 million, compared with $760 million raised by fintech companies.
Electric mobility company Spiro contributed significantly to this shift after raising $345 million, alongside Moove’s $250 million funding.
Despite the growing appeal of mobility investments, fintech remained the leading sector by the number of funded companies, with 80 startups attracting at least $100,000 each.
Nigeria’s renewed leadership highlights investor interest in its technology ecosystem. However, the concentration of investment among a few established companies also underscores the continuing challenge of expanding funding access to smaller and early-stage startups
