What do you believe is the single most important factor driving up the cost of living in Nigeria?

As of Monday, start-up investments on the continent for 2024 had crossed $1bn, thanks to two mega deals announced since the middle of July, d.light’s new $176m securitisation facility and MNT-Halan’s $157.5m raise to fuel their expansion.

NALA’s $40m Series A in July and other smaller deals added up to about $400m, which according to Africa: The Big Deal, will make July 2024 the most successful month in terms of fundraising in Africa in more than a year, and represents more than what was raise in the whole of Q2 2024.

The big four economies that attract the highest funding on the continent include; Nigeria, Egypt, Kenya, and South Africa.

In H1, funding to the other three was reduced significantly, but it was not the same for Nigeria.

“There has been significant shrinkage in the amount of funding invested on the continent and this affects mostly three of the big four, Kenya, Egypt and South Africa. If you look at Nigeria, it is holding but if you look at the other three, they had an interesting first half in the global context but couldn’t quite keep up,” said one of the presenters during the review, Max Cuvellier Giacomelli.

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