Nigerian startups raised $635 million in the first nine months of 2026, more than doubling the amount recorded in the corresponding period of 2025, as major funding rounds by mobility financing company Moove and fintech firm Flutterwave helped the country reclaim its position as Africa’s leading destination for startup investment.
Latest data from ‘Africa: The Big Deal’, an African startup funding tracker, showed that startups in Nigeria raised 2.6 times the $247m secured between January and September last year.
The performance marked Nigeria’s strongest showing in the first nine months of a year since 2022, putting it ahead of other major African startup markets and positioning the country to lead the continent in annual startup funding for the first time since that year.
According to the report, Moove raised $250m during the period, while Flutterwave secured $100m. E-commerce platform Jumia raised $50m, and cryptocurrency infrastructure company Yellow Card attracted $40m.
The four companies accounted for a combined $440m, representing about 69 per cent of the total funding raised by Nigerian startups during the nine months.
Beyond the value of large funding rounds, Nigeria also recorded the highest number of startups securing at least $100,000 across Africa.
A total of 77 Nigerian ventures met the threshold, up from 70 in the corresponding period of 2025, representing a 10 per cent increase.
Excluding pan-African ventures, Nigeria accounted for 37 per cent of funding raised by startups operating in individual African countries, its highest share since 2021, according to the tracker.
The latest figures signal a recovery after several years in which Nigeria trailed Kenya in the continent’s startup funding rankings.
In 2023, Nigerian startups raised about $410m for the full year, less than half the amounts recorded in 2021 and 2022, while Kenya attracted approximately $800m.
Nigeria remained behind Kenya in 2024, raising about $400m despite major funding transactions involving Moove and Moniepoint. The trend continued in 2025, when Nigerian startups raised $442.8m for the full year.
With $635m already secured in the first nine months of 2026, Nigeria has surpassed its entire 2025 funding total and is positioned to finish the year ahead of its continental rivals if the momentum continues.
The recovery coincided with a shift in investment priorities across Africa, where logistics and transport overtook fintech as the largest startup funding category by value.
Africa: The Big Deal reported that logistics and transport ventures raised $780m between January and September 2026, accounting for 36 per cent of total startup funding across the continent.
Fintech startups attracted $760m, representing 35 per cent of the total.
The logistics and transport sector’s share was a record for the first nine months of a year, rising sharply from seven per cent in the corresponding period of 2025. Its previous high for the period was 17 per cent, recorded in 2019.
The increase was largely driven by electric mobility company Spiro, which raised $345m, and Moove, whose $250m funding round contributed to the sector’s performance. Together, the two companies accounted for $595m, or approximately 76 per cent of funding raised by logistics and transport startups.
Fintech nevertheless led in the number of funded ventures, with 80 startups securing at least $100,000 during the nine months.
Moove’s funding performance comes against the backdrop of its announcement earlier in October that it planned to exit Nigeria. The development highlights the distinction between the amount of capital a company raises and its subsequent decisions about the markets in which it operates.
