Nigeria attracted over $400 million in startup funding in 2024, maintaining its position as one of Africa’s top investment destinations, according to a new report tracking the funding landscape.
The funding report by Africa: The Big Deal, which monitors startup funding trends across the continent, reveals that Nigeria’s steady performance contributed to Western Africa’s relative resilience, with the region experiencing just a 3% year-on-year decline.
“Nigeria attracted just over $400m in funding last year. Western Africa is the most ‘balanced’ region, where the regional lead represents the smallest share of the total (70% still),” according to authors of the report.
Kenya, Nigeria, Egypt, and South Africa secured 84% of Africa’s startup funding in 2024, maintaining dominance since 2019. Emerging markets like Morocco, Ghana, and Benin are poised to shape the continent’s startup growth in 2025 and beyond.
Eastern Africa: Kenya Leads the Region
The report highlights that African startups collectively raised $2.2 billion in 2024, a 25% decrease from the previous year. Eastern Africa, led by Kenya, accounted for $260 million in funding, representing 12% of the continent’s total. Kenya emerged as the region’s top performer, though its specific year-on-year metrics were not detailed.
Western Africa contributed 18% of Africa’s total funding, with Nigeria securing 70% of the region’s share. Other contributors included Ghana ($68m), Benin ($50m), Côte d’Ivoire ($33m), and Senegal ($22m).
Northern Africa: Declines Driven by Egypt
In Northern Africa, funding fell 35% to $478 million, driven by a 37% decline in Egypt, which accounted for 84% of the region’s total funding. Despite Morocco raising $70 million, it was not enough to offset the losses.
Southern and Central Africa: Mixed Results
Southern Africa recorded $397 million, marking a 36% year-on-year decline. South Africa dominated the region, contributing 99.4% of its funding despite a 34% drop. Central Africa, however, saw the sharpest fall, raising only $5 million—over ten times lower than in 2023.
Which countries are the startup funding capitals of Africa?
Kenya, Nigeria, Egypt, and South Africa secured 84% of Africa’s startup funding in 2024, maintaining dominance since 2019. Emerging markets like Morocco, Ghana, and Benin are poised to shape the continent’s startup growth in 2025 and beyond.
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