Nigerian startups raised $635 million between January and September 2026, reclaiming their position as Africa’s leading recipients of startup funding after three years behind Kenya.
The figure, reported by Africa: The Big Deal, represents 2.6 times the $247 million raised during the same period last year. Nigeria has also surpassed its full-year 2025 total of $442.8 million, marking its strongest first-nine-month performance since 2022.
Four companies accounted for $440 million of the latest funding. Mobility financing firm Moove raised $250 million, Flutterwave secured $100 million, Jumia attracted $50 million, and cryptocurrency infrastructure company Yellow Card raised $40 million. Their combined contribution represented approximately 69% of the national total. Moove’s fundraising comes weeks after the company announced plans to exit Nigeria.
Beyond these major deals, 77 Nigerian startups raised at least $100,000 during the period, the highest number recorded by any African country in the tracker. Nigeria also captured 37% of funding raised by country-specific African startups, excluding pan-African ventures, its largest share since 2021.
The continent’s investment priorities are changing alongside Nigeria’s recovery. Logistics and transport attracted $780 million across Africa in the first nine months of 2026, edging past fintech, which raised $760 million. The two sectors accounted for 36% and 35% of total funding, respectively.
The logistics and transport figure was driven largely by Spiro’s $345 million round and Moove’s $250 million raise. Their combined $595 million accounted for approximately 76% of the sector’s funding. Fintech nevertheless remained ahead in the number of funded businesses, with 80 startups raising at least $100,000.
Nigeria’s performance contrasts with weaker results elsewhere. Egypt raised $445 million, up 10% year on year, while Kenya attracted $201 million, down 73%, and South Africa secured $182 million, a 58% decline.
Nigeria’s return to the top reverses the pattern established in 2023, when Kenyan startups raised approximately $800 million against Nigeria’s $410 million. With $635 million already secured by September 2026, Nigerian startups have moved ahead of their recent annual totals and are positioned to finish the year as Africa’s leading startup funding recipients.
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