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

The Vice President of Nigeria, Senator Kashim Shettima, has mentioned that Nigerian startups based by migrants attracted over $800 million in investments in 2022.

The Vice President disclosed this on Monday in the course of the tenth Annual Nationwide Migration Dialogue with the theme, “Past Borders: Celebrating Migrants’ Legacy, Defending Their Rights,” on the Banquet Corridor of the Presidential Villa in Abuja.

Shettima added that Nigeria accounts for the best share of diaspora remittances in West Africa, highlighting the invaluable contributions of Nigerian immigrants to the worldwide economic system.

International Ambassadors 

In accordance with Shettima, aside from diaspora remittances, Nigerian migrants have change into international ambassadors who excel in know-how, drugs, sports activities, inventive arts, and different human endeavors.

He mentioned, “Migration is not only a crossover from one geography to a different. It’s a important driver of worldwide and nationwide improvement. In 2022 alone, Nigeria accounted for $21.9 billion in diaspora remittances, representing 64% of all remittances in West Africa. It is a testomony to the invaluable financial contributions of Nigerian migrants.” 

“Past monetary remittances, our migrants have change into international ambassadors, excelling in fields equivalent to know-how, drugs, sports activities, and the inventive arts. Nigerian startups based by migrants attracted over $800 million in investments in 2022, underscoring the transformative potential of our individuals throughout the globe.”

• The VP famous that Nigeria is each a rustic of origin and a vacation spot for migrants, with over 1.3 million worldwide migrants residing inside the nation.
• He warned in opposition to the persistent challenges of irregular migration, highlighting that 10,000 Nigerians have been detained for numerous migration offences in 2024 alone and deported.

“Nevertheless, we should acknowledge that irregular migration stays a persistent problem. In 2024, we have now already returned and reintegrated no fewer than 10,000 Nigerians who had been detained for immigration offenses in African and European nations.” 

“These figures spotlight the vulnerabilities that include migration and emphasize the necessity for coordinated efforts to deal with these challenges whereas harnessing migration’s potential for financial progress and resilience,” the VP mentioned.

The VP assured that the Federal Authorities of Nigeria stays resolute in addressing migration challenges.

What You Ought to Know 

Nigeria misplaced the highest place when it comes to startup funding in Africa to Kenya in 2023, as startups within the East African nation attracted the biggest quantity of funding within the yr, topping the desk with about $800 million, based on the analysis outfit, Africa: The Massive Deal.

• The evaluation of the ‘Massive 4’ in Africa—comprising Nigeria, Kenya, Egypt, and South Africa—confirmed that Nigeria slipped from the first place it had occupied in 2021 and 2022 to 4th place, as startups within the nation raised the least quantity in contrast with the opposite three.
• Nairametrics had reported earlier that startups throughout Africa raised a complete of $2.9 billion in 2023, representing a 39% year-on-year decline in funding. Of this quantity, *Africa: The Massive Deal* mentioned the ‘Massive 4’ attracted 87% of all of the startup funding in Africa, their largest share since 2019.
• In accordance with the report, Nigeria, Kenya, South Africa, and Egypt have been dwelling to 71% (357 out of 500) of the startups that raised $100k or extra on the continent final yr.
• It added that Kenya attracted probably the most funding, accounting for 28% of the continent’s complete.

“Whereas Kenya suffered a decline (-25% YoY), its share of Jap Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 startups raised $100k or extra in the course of the interval (19% of Africa’s complete).” 

In Egypt, 48 startups have been recorded to have raised $100k+ in 2023, the bottom quantity among the many Massive 4.

“But due to a year-on-year decline (-20%) extra average than Kenya’s and, most significantly, Nigeria’s, it was sufficient for the nation to assert the second spot. Egypt’s share of North African funding grew considerably from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest development), due each to the magnitude of MNT-Halan’s fundraising and Algeria and Tunisia’s incapacity to repeat their sturdy 2022 efficiency,” the report said.

The report additional disclosed that South Africa’s share of regional funding stays the best at 97%. The 70 startups that raised $100k or extra within the nation amassed $600 million in funding, which is 21% of the continent’s complete. South Africa was the one one of many Massive 4 to not see its complete funding shrink between 2022 and 2023 (+8% YoY).