Nigeria loses its top spot to Kenya in Africa’s tech market

Tech in Africa has become an integral part of the continent’s economic makeup and by extension tech funding. Companies such as Flutterwave and MNT-Halan have gone on to make significant strides in Africa’s tech ecosystem, paving the way for more ingenious startups to emerge. Additionally, the success of such companies has increased investor confidence as more venture capitalists are looking to tap into the market.

In 2023, Africa’s tech market experienced a readjustment of investments across the continent, particularly amongst the nations that have come to be known as the big four tech markets. This deduction is according to ‘Africa: The Big Deal’, a tech research firm.

According to the research firm, the tech financing distribution among Africa’s four largest tech markets; Egypt, Nigeria, Kenya, and South Africa, is starting to balance out.

For some time now, Nigeria has taken a commanding lead in the amount of funds invested in its tech market, however, in 2023, Kenya overtook Nigeria, gaining the highest amount of tech funds on the continent. Additionally, the report shows that for the first time in a while, tech funding across the four markets was distributed relatively equally.

Source: BI