A recent report by TLP Advisory highlights significant challenges faced by Nigerian startups, with 51 of those surveyed citing difficulties in securing funding. The main issues identified were currency volatility and limited access to investors. The report, titled A Decade of the Nigerian Venture Ecosystem Numbers, Insights amp Stories, provides an in-depth analysis of Nigeria's startup ecosystem over the past ten years.
Despite a record 3 billion in venture capital investments in 2021, many startups still struggle to secure funding. The report emphasizes the critical role of angel investors, who have become essential in providing financial support during this challenging period.
TLP Advisory, known for working on some of Africas largest tech sector deals, also points out that regulatory challenges and talent retention remain major obstacles for Nigerian startups. The report calls for increased collaboration between startups and corporations, greater investment in talent development, and closer engagement with policymakers to foster a more supportive business environment.
