The Vice President of Nigeria, Senator Kashim Shettima, has stated that Nigerian startups based by migrants attracted over $800 million in investments in 2022.
The Vice President disclosed this on Monday throughout the tenth Annual Nationwide Migration Dialogue with the theme, “Past Borders: Celebrating Migrants’ Legacy, Defending Their Rights,” on the Banquet Corridor of the Presidential Villa in Abuja.
Shettima added that Nigeria accounts for the very best share of diaspora remittances in West Africa, highlighting the invaluable contributions of Nigerian immigrants to the worldwide financial system.
In keeping with Shettima, aside from diaspora remittances, Nigerian migrants have turn out to be international ambassadors who excel in expertise, drugs, sports activities, inventive arts, and different human endeavors.
He stated, “Migration is not only a crossover from one geography to a different. It’s a essential driver of worldwide and nationwide growth. In 2022 alone, Nigeria accounted for $21.9 billion in diaspora remittances, representing 64% of all remittances in West Africa. This can be a testomony to the invaluable {economic} contributions of Nigerian migrants.”
“Past {financial} remittances, our migrants have turn out to be international ambassadors, excelling in fields equivalent to expertise, drugs, sports activities, and the inventive arts. Nigerian startups based by migrants attracted over $800 million in investments in 2022, underscoring the transformative potential of our folks throughout the globe.”
“Nonetheless, we should acknowledge that irregular migration stays a persistent problem. In 2024, we’ve got already returned and reintegrated no fewer than 10,000 Nigerians who had been detained for immigration offenses in African and European international locations.”
“These figures spotlight the vulnerabilities that include migration and emphasize the necessity for coordinated efforts to handle these challenges whereas harnessing migration’s potential for {economic} progress and resilience,” the VP stated.
The VP assured that the Federal Authorities of Nigeria stays resolute in addressing migration challenges.
Nigeria misplaced the highest place when it comes to startup funding in Africa to Kenya in 2023, as startups within the East African nation attracted the most important quantity of funding within the yr, topping the desk with about $800 million, based on the analysis outfit, Africa: The Massive Deal.
“Whereas Kenya suffered a decline (-25% YoY), its share of Japanese Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 startups raised $100k or extra throughout the interval (19% of Africa’s complete).”
In Egypt, 48 startups had been recorded to have raised $100k+ in 2023, the bottom quantity among the many Massive 4.
“But because of a year-on-year decline (-20%) extra average than Kenya’s and, most significantly, Nigeria’s, it was sufficient for the nation to say the second spot. Egypt’s share of North African funding grew considerably from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest development), due each to the magnitude of MNT-Halan’s fundraising and Algeria and Tunisia’s lack of ability to repeat their robust 2022 efficiency,” the report acknowledged.
The report additional disclosed that South Africa’s share of regional funding stays the very best at 97%. The 70 startups that raised $100k or extra within the nation accrued $600 million in funding, which is 21% of the continent’s complete. South Africa was the one one of many Massive 4 to not see its complete funding shrink between 2022 and 2023 (+8% YoY).
