After seeing the slowest funding activities in any first quarter since 2021, Nigerian tech companies are turning to growing product and service sales to boost revenues and attract reluctant investors.
Data from Africa: The Big Deal shows that the number of deals from $100,000 (126 deals) and above declined by 30 percent in the first quarter of 2023 compared to the previous quarter, and 50 percent year-on-year, making it the slowest quarter since 2021. The report also said only 40 percent of the deals were not officially labelled by startups and investors, a trend that has grown recently. More than 50 percent of the deals were labelled in previous quarters.
