Talent, money, and regulation are the key barriers to the growth of Nigeria’s startup ecosystem.
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 characterized 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.
Collaboration is a major factor in resilience, as evidenced by the fact that one-third of companies establish strategic relationships. The research offers a number of suggestions for building a stronger startup environment in Nigeria. These collaborations are among them, and it also suggests making investments in the training of talent and formulating policies.
“Despite the current tough macroeconomic climes, engaging with participants in this project ignited in me renewed hope and optimism for our ecosystem. We embarked on this project as our way of celebrating the ecosystem that made us, and this report reflects both the resilience and the evolution of the Nigerian tech ecosystem. It’s not just about technology; it’s about building a future where founders, investors, and the public sector work together to make Nigeria a leader in innovation and digital solutions. Over the past decade, we’ve witnessed, and have been part of, incredible success stories born from collaboration and adaptability, and we believe the best is yet to come,” said Odunoluwa Longe, co-founder of TLP Advisory.
You can download the full report here.
