https://techcrunch.com/2022/03/30/why-nigeria-leads-the-way-in-ycs-participation-in-africa/

It’s not a coincidence that TechCrunch has covered more African startups in the last year than any period in our history. Many of those companies are Nigerian, and when we look at venture capital data, we can see why. The country had an incredible 2021 as the most active venture capital scene in Africa, collecting more than $1.8 billion, or 34% of the $5 billion raised across the continent, according to Partech, a pan-African VC firm that also tracks investments.

The country has posted steady progress in the last three years as the leading African startup market. In 2019, startups based in Nigeria attracted $747 million, or 37% of Africa’s total VC investment. Those numbers decreased to $307 million, or 21% of the continent’s total, the following year, though 2020 was a venture capital year much impacted by outside forces.