Talent, funding, and regulatory bottlenecks are major hurdles for those operating within Nigeria’s startup ecosystem, according to a new report.
Released by Lagos-headquartered venture law firm TLP Advisory,the report – “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights & Stories – provides an analysis of Nigeria’s startup landscape, revealing the growth, challenges, and strategic shifts that have defined the ecosystem over the past decade.
Fifty-one per cent of startups surveyed cited difficulties in securing funding, primarily due to currency volatility and access to investors. Meanwhile, 30 per cent of founders view regulatory challenges as significant barriers, calling for greater policy engagement. Talent acquisition and retention are also among the top challenges for startups, emphasising the need for efficient operations and customer-centric strategies.
One-third of startups form strategic partnerships, highlighting collaboration as a key driver of resilience, with the report making several recommendations for fostering a more robust startup ecosystem in Nigeria. Such partnerships are one, while it also recommends investing in talent development and engaging in policy development.
“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.
