Nigerian startups attracted $635 million in investment during the first nine months of 2026, up 157% from $247 million recorded in the corresponding period of 2025.
The increase placed Nigeria ahead of other African countries in startup funding, according to data from Africa: The Big Deal.
The investment tracker, which monitors startup funding transactions of at least $100,000, showed that Nigeria accounted for 37% of funding attributed to individual African countries, excluding pan-African ventures.
Moove attracted $250 million followed by Flutterwave with $100 million, Jumia with $50 million and Yellow Card with $40 million.
Together, the four companies secured $440 million, representing approximately 69% of Nigeria’s total startup funding during the nine-month period.
The figures show that Nigeria’s investment recovery was driven largely by substantial financing transactions involving established technology companies.
However, the number of Nigerian startups securing at least $100,000 increased to 77 from 70 in the corresponding period of 2025, indicating broader participation in the funding market.
Nigeria’s performance contrasted with developments in Kenya and South Africa, where startup funding declined by 73% and 58% to $201 million and $182 million, respectively.
Egypt attracted $445 million, representing a 10% increase from the corresponding period of 2025.
Across Africa, transport and logistics companies attracted $780 million, surpassing the $760 million secured by financial technology businesses.
Major financing transactions involving Moove and electric mobility company Spiro accounted for $595 million of the transport and logistics sector’s funding.
The concentration of investment among established businesses highlights the challenges facing smaller startups seeking capital to develop products, expand operations and compete in increasingly demanding markets.
While larger companies can attract substantial international financing through their existing operations and growth prospects, early-stage businesses often depend on smaller investments to establish commercially viable operations.
Nigeria’s improved funding performance could support technology-sector expansion, particularly in financial services, mobility and digital commerce, where investment activity remains significant.
However, sustaining the recovery will depend partly on whether more early-stage businesses can attract financing alongside the companies securing the largest transactions.
With $635 million raised between January and September, Nigeria recorded its strongest startup funding performance for the corresponding period since 2022.