Nigerian tech graveyard expands as multi-million dollar startups fold

    Folake Balogun | Top Stories | Oct 24, 2025    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
3080
times

Nigeria’s once-vibrant tech startup scene is witnessing a wave of shutdowns, as several high-profile, venture-backed firms close operations despite having raised millions of dollars.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
Markets
Nigerian corporates crowd Commercial Paper as IPO market freezes
With the primary equities market experiencing a prolonged chill, Nigerian corporate issuers are aggressively shifting their gaze toward the short-term debt capital market.
Iheanyi Nwachukwu | Jun 13, 2026
Markets
From Lagos to New York: Inside Segun Agbaje’s N8.5bn multi-currency stock portfolio
Few African corporate titans have managed to anchor themselves as firmly in the local financial ecosystem while simultaneously projecting their influence into the ultra-competitive arenas of global Western commerce. 
Iheanyi Nwachukwu | Jun 12, 2026
Economy
The nineties class of Democracy: Where Nigeria stands among peers
In the closing decade of the twentieth century, Africa began dismantling old certainties. Military juntas that had ruled by decree packed away their fatigues. One-party states loosened their grip and rewrote constitutions.
Taofeek Oyedokun and Faith Omoboye | Jun 12, 2026
Technology
Gas-rich Nigeria missing out on big tech AI boom
For decades, Nigeria has flared billions of dollars' worth of natural gas into the atmosphere, a symbol of misaligned incentives, underdeveloped infrastructure, and chronic underinvestment.
Folake Balogun | Jun 09, 2026
support_agent
phone
mail_outline
language
help_outline
Conference Ad Conference Ad