Nigeria's Web3 Industry Booms with $130M+ Funding
Nigeria's burgeoning Web3 industry is flourishing, with over 80 startups raising more than $130 million in funding. The Nigeria Web3 Landscape 2024 Report by Hashed Emergent offers insights into the country's dynamic Web3 scene.
In 2024, Nigerian Web3 startups raised a total of $20 million, a slight decrease from $22 million in 2023. Despite this, the industry continues to grow, with infrastructure emerging as the top-funded sector, securing $11 million, a staggering 270% increase from the previous year. The finance sector also saw a significant surge, jumping from $2 million in 2023 to $7 million in 2024.
Securing large-scale capital remains a challenge, with some entrepreneurs turning to crowd sales. While international, regional, and ecosystem-specific investment firms supporting the Web3 sector are limited in Nigeria, global firms like C3 Venture Capital, focusing on blockchain technologies, operate internationally, though specific Nigerian operations are not detailed.
Despite funding fluctuations, Nigeria's Web3 industry continues to thrive, with infrastructure and finance sectors leading the way. While challenges persist in securing large-scale capital, innovative solutions like crowd sales are being explored. As the industry evolves, so does the investment landscape, with global firms taking notice of Nigeria's Web3 potential.
