Nigerian startups founded by migrants attracted over $800 million in investments in 2022 – Shettima 

The Vice President disclosed this on Monday during the 10th Annual National Migration Dialogue with the theme, “Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights,” at the Banquet Hall of the Presidential Villa in Abuja.

Shettima added that Nigeria accounts for the highest share of diaspora remittances in West Africa, highlighting the invaluable contributions of Nigerian immigrants to the global economy.

According to Shettima, apart from diaspora remittances, Nigerian migrants have become global ambassadors who excel in technology, medicine, sports, creative arts, and other human endeavors.

He said, “Migration is not just a crossover from one geography to another. It is a critical driver of global and national development. In 2022 alone, Nigeria accounted for $21.9 billion in diaspora remittances, representing 64% of all remittances in West Africa. This is a testament to the invaluable economic contributions of Nigerian migrants.” 

“Beyond financial remittances, our migrants have become global ambassadors, excelling in fields such as technology, medicine, sports, and the creative arts. Nigerian startups founded by migrants attracted over $800 million in investments in 2022, underscoring the transformative potential of our people across the globe.”

“However, we must acknowledge that irregular migration remains a persistent challenge. In 2024, we have already returned and reintegrated no fewer than 10,000 Nigerians who had been detained for immigration offenses in African and European countries.” 

“These figures highlight the vulnerabilities that come with migration and emphasize the need for coordinated efforts to address these challenges while harnessing migration’s potential for economic growth and resilience,” the VP said.

The VP assured that the Federal Government of Nigeria remains resolute in addressing migration challenges.

Nigeria lost the top position in terms of startup funding in Africa to Kenya in 2023, as startups in the East African country attracted the largest amount of funding in the year, topping the table with about $800 million, according to the research outfit, Africa: The Big Deal.

“While Kenya suffered a decline (-25% YoY), its share of Eastern Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 startups raised $100k or more during the period (19% of Africa’s total).” 

In Egypt, 48 startups were recorded to have raised $100k+ in 2023, the lowest number among the Big Four.

“But thanks to a year-on-year decline (-20%) more moderate than Kenya’s and, most importantly, Nigeria’s, it was enough for the country to claim the second spot. Egypt’s share of North African funding grew substantially from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest progression), due both to the magnitude of MNT-Halan’s fundraising and Algeria and Tunisia’s inability to repeat their strong 2022 performance,” the report stated.

The report further disclosed that South Africa’s share of regional funding remains the highest at 97%. The 70 startups that raised $100k or more in the country accumulated $600 million in funding, which is 21% of the continent’s total. South Africa was the only one of the Big Four not to see its total funding shrink between 2022 and 2023 (+8% YoY).