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– Nigeria's startup scene has seen a lot of change over the past decade, but the biggest obstacle for many startups is money, according to a new report from venture law firm TLP Advisory. The report, "A Decade of the Nigerian Venture Ecosystem: Numbers, Insights, and Stories," found that 51% of startups in the country have trouble raising money, mostly because of currency fluctuations and access to investors, the Guardian reports. According to the report, 30% of founders believe regulatory obstacles are major, and they want more policy involvement in the startup scene. "It's not just about technology; it's about creating a future in which investors, entrepreneurs, and the government collaborate to establish Nigeria as a pioneer in digital solutions and innovation," TLP Advisory co-founder Odunoluwa Longe says in a statement. "We've seen and participated in amazing success stories over the last 10 years that resulted from teamwork and flexibility, and we think the best is still to come." The report offers suggestions for improving the startup scene in Nigeria, including making investments in the training of talent and formulating policies.According to a recent research, the biggest obstacles facing entrepreneurs in Nigeria’s startup ecosystem are talent, money, and regulatory constraints. The report “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights & Stories,” published by the Lagos-based venture law firm TLP Advisory, offers an examination of the startup scene in Nigeria, highlighting the expansion, difficulties, and tactical changes that have characterised the ecosystem over the previous ten years.
According to a poll, 51% of businesses reported having trouble raising money, mostly because of access to investors and currency fluctuations. In the meantime, 30% of founders believe that regulatory obstacles are major and advocate for further policy involvement. One of the biggest issues facing startups is finding and keeping talent, which highlights the importance of effective operations and customer-focused tactics.
A third of businesses establish strategic alliances, emphasising teamwork as a major factor in resilience. The report offers a number of suggestions for developing a stronger startup scene in Nigeria. These collaborations are among them, and it also suggests making investments in the training of talent and formulating policies. Speaking with project participants gave me fresh hope and confidence for our ecosystem in spite of the challenging macroeconomic conditions of today. We started this effort to honour the ecosystem that helped shape who we are, and this report shows how resilient and how the Nigerian tech sector has changed over time. It’s not just about technology; it’s about creating a future in which investors, entrepreneurs, and the government collaborate to establish Nigeria as a pioneer in digital solutions and innovation. We’ve seen and participated in amazing success stories over the last ten years that resulted from teamwork and flexibility, and we think the best is still to come,” stated Odunoluwa Longe, co-founder of TLP Advisory.
