Nigeria reclaimed its place as Africa’s main vacation spot for startup funding within the first 9 months of 2026, attracting $635 million, greater than double the quantity recorded within the corresponding interval of 2025.
Data from Africa: The Big Deal, an African startup funding tracker, confirmed that Nigerian startups raised 2.6 occasions the $247 million secured between January and September final yr, marking the nation’s strongest efficiency over the interval since 2022.
Nigeria’s funding rebound got here amid a pointy slowdown in different main African startup markets, together with Kenya and South Africa, as nicely as a major shift in funding in direction of logistics and transport ventures.
The nation additionally recorded the very best variety of startups elevating no less than $100,000, with 77 ventures securing funding throughout the interval, up 10% from 70 within the first 9 months of 2025. Excluding pan-African ventures, Nigeria accounted for 37% of startup funding raised by country-specific ventures throughout the continent, its highest share since 2021.
Moove, Flutterwave lead main funding rounds
A handful of huge transactions contributed considerably to Nigeria’s return to the highest of the African startup funding rankings.
- Moove, the mobility financing firm, which earlier this month announced plans to exit Nigeria, raised $250 million, whereas fintech firm Flutterwave secured $100 million.
- E-commerce platform Jumia raised $50 million, and cryptocurrency infrastructure firm Yellow Card attracted $40 million.
- Together, the 4 corporations accounted for $440 million, or about 69% of Nigeria’s $635 million in startup funding throughout the interval.
However, Nigeria’s efficiency prolonged past these massive transactions, with the nation recording extra startups elevating no less than $100,000 than every other African market.
Logistics overtakes fintech as Africa’s greatest funded sector
Across Africa, logistics and transport emerged as the biggest startup funding class by worth, overtaking fintech, which had dominated the sector for a lot of the previous seven years.
- According to the report, logistics and transport startups raised $780 million between January and September 2026, representing 36% of whole funding, in contrast with $760 million, or 35%, for fintech.
- The logistics and transport sector’s share was a report, up from simply 7% within the corresponding interval of 2025. Its earlier excessive for the primary 9 months of a yr was 17%, recorded in 2019.
The shift was largely pushed by two corporations, Spiro and Moove, which raised $345 million and $250 million, respectively. Their mixed $595 million accounted for roughly 76% of the sector’s whole funding.
Fintech nonetheless retained its lead within the variety of funded ventures, with 80 startups elevating no less than $100,000 throughout the interval.
Egypt holds regular as Kenya and South Africa lose floor
Nigeria’s resurgence contrasted with weaker performances in two different main African startup markets.
Egypt remained comparatively steady, attracting $445 million in startup funding, a rise of 10% from the corresponding interval of 2025.
- Kenya raised $201 million, down 73% year-on-year, whereas South Africa secured $182 million, representing a 58% decline.
- Kenya’s figures had been partly affected by the classification of Spiro, which operates extensively within the nation however is now categorised as a pan-African enterprise within the report’s database.
Despite this adjustment, Kenya’s fundraising remained considerably beneath its 2025 degree.
- The variety of startups elevating no less than $100,000 additionally declined throughout the three markets. Kenya recorded 45 ventures, down 32% year-on-year, whereas Egypt had 40, a 29% decline. South Africa recorded 34, down 36%.
- The counts for Kenya and South Africa had been their lowest for the primary 9 months of a yr since Africa: The Big Deal started monitoring offers of no less than $100,000 in 2021.
Together, Nigeria, Egypt, Kenya and South Africa continued to dominate African startup financing, accounting for 85% of funding raised by country-specific startups, excluding pan-African ventures. This was up from 83% in the identical interval of 2025.
What you must know
Nigeria lost the top position by way of startup funding in Africa to Kenya in 2023 and since then has been trailing among the many massive 4.
For the yr, Nigerian startups Nigerian startups raised a complete of $410 million, lower than half of what they raised in 2022 and 2021, whereas Kenyan startups topped with $800 million increase.
In 2024, Nigeria nonetheless trailed Kenya raising just about $400 million regardless of two massive tickets secured by Moove and Moniepoint.
The sample remained unchanged in 2025 with Nigerian startups raising a total of $442.8 million in the year. With $635 million already raised within the first 9 months of 2026, Nigerian startups have surpassed 2025 full-year report and are heading in the right direction to prime the African startup funding desk this yr.
