Nigeria, others attract $4.5 billion in venture capital

The African Private Capital Association yesterday released its 2023 Venture Capital in Africa Report, an industry-based annual report on venture capital performance in Africa.The African Private Capital Association yesterday released its 2023 Venture Capital in Africa Report, an industry-based annual report on venture capital performance in Africa.

It stated that climate-related investments gained momentum in 2023, rising to close to $790 million, while African startups employing AI-related technologies raised $641 million across 103 deals between 2022 and 2023. Last year was a year of significant socio-political and economic upheaval, which led to a global funding winter that saw investors prioritise safer assets rather than VC investments.

Added to the global downward trend of venture capital, investors faced currency volatility and continued high inflation in Africa, prompting investors to back prospects in portfolio companies with an established track record rather than new ventures. With the belief that small businesses remain the pillars of not just Nigeria but the global economy, over 40,000 small businesses will be empowered through skills and knowledge through a series of online...

Worsening economic downturn and attendant hunger may have widened the floodgate of activities for digital money lenders, with many loan sharks targeting poor and vulnerable Nigerians.In less than three months, covering January to last week, deposit money banks drew N24.13 trillion from the Central Bank of Nigeria through the discount window to meet short-term obligations, a trend that points to some liquidity gap in the financial system.

Source: News Formal (newsformal.com)

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