Nigerian startups raised over $400 million in 2024 but Kenya leads in Africa—Report  

This is according to the funding report by Africa: The Big Deal, which tracks startup funding across the continent.

With only two mega deals: Moove’s $110 million including a $100 million Series B round led by Uber, and Moniepoint’s $110 million Series C round, Nigerian startups funding for 2024 was about the same figure of $410 million recorded in 2023.

The report showed that the African startup ecosystem showcased resilience in 2024, with East Africa emerging as the dominant force for the second consecutive year, despite a year-over-year decline in total funding across the continent.

West Africa climbed to the second spot, raising $587 million, which accounted for 27% of Africa’s total funding in 2024.

The region saw only a minor drop of 3% year-over-year, a significant improvement after losing its top position in 2023.

“Nigeria led the region, securing over $400 million in funding, on par with Egypt and South Africa.  

“However, West Africa demonstrated remarkable diversity, with four countries—Ghana ($68 million), Benin ($50 million), Côte d’Ivoire ($33 million), and Senegal ($22 million)—contributing to the region’s success,” the report stated.

North Africa saw a sharp decline in funding, dropping 35% year-over-year to $478 million. Egypt, the region’s dominant player, recorded an even steeper decline of 37%, representing 84% of North Africa’s total funding.

The Big Four: Kenya, Nigeria, Egypt, and South Africa continued to dominate, collectively attracting 84% of all startup funding in Africa in 2024, consistent with trends since 2019.

These markets play a critical role in shaping regional and continental dynamics.

The continued success of the Big Four and the growing contributions from emerging markets like Morocco, Ghana, and Benin will be instrumental in defining Africa’s startup trajectory in 2025 and beyond.