The ambitious $5 billion funding target for Nigerian startups set by the Minister of Communications, Innovation, and Digital, Dr. Bosun Tijani, is becoming infeasible with the continuous decline in funds attracted by the country’s innovators in recent times.
Going by the Minister’s plans unveiled upon assumption of office in 2023, this target is to be achieved in 2027 by ensuring a 50% increase in funding each year from the $1.2 billion attracted by the startups in 2022.
However, data from 2023 and up to Q1 2025 suggests otherwise, as funding continues to decline.
