The Nigerian startup ecosystem is on the move. It is a leading hub for entrepreneurship on the continent thanks to several strengths, including a growing number of engaging international investors, a huge population with access to technology, and a growing number of startup support organizations active in the ecosystem.
VC4A research on 3,360 ventures registered in the country shows a clear relationship between venture performance and the support these ventures receive from the Nigerian startup ecosystem. For example, companies participating in ecosystem support programs are 23% more successful in securing investment, and are more likely to be generating new jobs.
More specifically, 76% of the Nigerian ventures are creating jobs with an average of 8.5 FTE per venture. When taking a further look at the jobs created per age group, 56% of the employees hired are between 12 and 35 years. This is a considerable contribution to the country given its growing population and justifies further investment in the growth and development of the startup ecosystem and the entrepreneurs it supports.
Another indicator of progress is the growth in average investments secured by Nigerian ventures compared to last year’s study. This year an average amount of USD $93,651 is recorded which is 22% higher than the amount registered last year. This indicates that despite ecosystem challenges, the quality of the ventures from Nigeria continue to improve over time and results in higher valuations and larger fundraising rounds. Doubling down on this momentum, it is possible to secure a series of success stories that exemplify what is possible in the country’s fast growing markets.
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The ‘Start your business’ course is aimed at founders who are in the phase of developing ideas and testing product-market fit.
The first module focuses on how to build a great team, the second module on the environment you operate in and the third module discusses the importance of knowing your target market.
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The course on ‘Grow your business’ is for startup founders who are looking to scale their operations when they are getting traction for their product or service.
One module breaks down the different types of business models to consider, and the other module focuses on ways to build traction and grow the customer base.
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The ‘Finance your business’ course is aimed at entrepreneurs who are looking to raise external capital.
In the first module you will learn how to structure your business’ financials, contracts, and other legalities. The second module unpacks how to fundraise successfully.
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The ‘Your legal business’ course is aimed at founders who want to learn more about the legal implications of setting up their business and getting their operations funded.
The first module focuses on legal basics, the second module on the funding concepts.
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Thea Sokolowski
David van Dijk