Unlocking Africa's Digital Potential: 80% of Nigerian Startups Incorporate in the U.S., Reveals Consul General Will Stevens
The United States Consul General in Nigeria, Will Stevens, shared that 80% of Nigerian startups are incorporated in the U.S., underscoring the U.S.'s significant impact on Africa's digital sphere.
This revelation was made during the Global Tech Africa Conference in Lagos. Stevens emphasized the pivotal role the U.S. private sector plays in driving technology across various sectors in Africa.
At the continental level, Stevens highlighted that 60% of African startups are incorporated in the U.S., contributing to the surge in venture capital investments in the African startup ecosystem.
U.S. venture capital firms are notably investing heavily in African tech startups, with over 60% and 40% of venture capital funding in Nigeria and Africa, respectively, originating from the United States.
Also, he emphasized, "The U.S.-Africa startup/venture capital scene remains an immensely important bilateral corridor."
He noted that the Consulate in Lagos collaborates with numerous startups, facilitating their participation in incubator and accelerator programs to connect Nigerian startups with global markets.
Formation and financial support
In discussing the incorporation and funding landscape, Stevens provided compelling statistics, stating, "In 2021, African startups raised $4.8 billion, averaging over $1 million every 2 hours.
The United States accounted for over 40% of Africa’s VC funding in 2022, injecting over $2 billion into local startups."
Furthermore, Underlining the commitment to tech development in Africa, Stevens outlined the U.S. government's initiatives, addressing challenges in education, healthcare, agriculture, and other vital areas.
More Insight
Collaborating with Nigerian partners, the U.S. is actively involved in developing electronic health records systems and leveraging technology to enhance healthcare delivery.
Health tech companies such as Healthbotics and Helium Health have benefited from U.S. programs, contributing innovative solutions to Nigeria's healthcare system.
Stevens concluded by expressing the United States' belief in the ongoing digital transformation in Africa, actively seeking collaboration with digital innovators in the region.
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