Many Nigerian startups could not secure funds from investors, who were cautious about bankrolling their operations. However, foreign investors were cautious in funding startups last year for different reasons. They are now looking at more convincing investments.”Experts said the 2023 general elections also dissuaded investors from funding startups in the country. Other issues that scared foreign investors from the Nigerian startup ecosystem included multiple exchange rates, widespread insecurity, etc. He urged local investors to take a bigger bet on Nigerian startups, emphasising the need for startups to position themselves for profitable growth and genuine innovation.

Source: Punch January 05, 2024 14:33 UTC