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May 25, 2021
While it can boast of the largest number of startups in the Africa tech ecosystem, Nigeria lags in other important metrics, a new report ranking the continent’s major tech sectors asserts.
The report, compiled by fDi Intelligence, a specialist division of the Financial Times, in collaboration with research company Briter Bridges, aims to “map the continent’s nascent tech ecosystems and explore their potential moving forward.”
Investment in the continent’s start-up space is tiny in comparison to the global north. For example, US startups raised $156.2 billion in venture capital last year, per Pitchbook. By comparison, African startups have raised just more than $2 billion in the past two years, according to data from Briter Bridges (the amount of funding varies slightly depending on the metrics used) .