Nigeria’s startup ecosystem is expanding, and more women are launching companies than ever before. But the funding hasn’t caught up. Men still get most of the money, while women get most of the mentorship. In 2024, just 2% of venture capital went to startups led by women.
Why This Matters
Innovation thrives on diversity. Excluding women from resource access slows national competitiveness. Fewer women in tech means fewer products designed for diverse users and fewer scalable solutions to local problems. Female founders are major drivers of innovation and employment in Nigeria. Women already dominate the MSME sector and perform impressively. Failing to invest in them within the startup ecosystem is a missed opportunity for growth.
Between January 2013 and May 2021, every time female founders received $1, male founders received $25. In 2024, female founders in Africa raised four times less than they managed in the previous year—the lowest record since 2019.
State of Play
● Out of the 614 startups in the country, 127 (20.7%) are female co-founded, and 74 (12.1%) have a female CEO.
● Women hold less than 10% of leadership roles and secured under 2% of venture capital funding as of 2024.
● Only about 14% of startups in Nigeria and other Sub-Saharan African countries have female founders.
● A Briter Bridges’ deal flow report revealed that between January 2013 and May 2021, every time female founders received $1, male founders received $25.
● In 2024, female founders in Africa raised four times less than they managed in the previous year. This is the lowest record since 2019.