A new report shows 238 Nigerian tech startups raised over $2b in seven years. According to the report by Disrupt Africa, the number exceeds what any other African country received within the same period. The report further stated that 107 Nigerian startups raised $747.9 million in the last eight months, which accounts for one-third of the continent’s funding so far.

According to the report, Nigeria is the most popular investment destination in Africa. Meanwhile, Lagos is the leading tech hub accounting for 88.4 percent of tech startups with fintech being the top sub-sector and 36 percent of the startups active. The report captures funding in the startup ecosystem from January 2015 to August 2022.

Market roundup

Below is the Weekly Economic roundup from Ventures Africa for the week ending Friday, 16th September 2022. This economic index gives you a glimpse into recent activities in the African economy and price changes that could affect it. 

Stock markets

Stock markets

Here is how stocks performed in key African markets (Nigeria, Egypt, South Africa, and Kenya) at the end of the week ending Friday, 16th September 2022:

  • Nigeria

The NGX All-Share Index dropped by -0.31% (311.53 points) at the end of the week to close at 49,475.42 basis points.

Top 5 gainers

NEM — +8.97%

Academy — +6.80%

Japaul gold— +3.70%

Cadbury — +3.00%

Wema bank— +1.76%

Top 5 decliners

NGX30Z2 — -10.00%

Regalins — -7.41%

Unity bank — -6.98%

Accesscorp —-5.14%

Cornerst — -4.76%

  • Egypt

The EGX 30, Egypt’s benchmark index, closed the week with a -3.40% drop to 10,079.02 basis points.

Top 5 gainers

Qatar national bank Alahly — +7.00%

Egyptian Iron and steel — +4.92%

Cairo for investment and real estate development — +1.57%

Egyptian Kuwaiti holding — +0.73%

Oriental weavers — +0.45%

Top 5 decliners

Rights issue of natural gas and mining — -35.84%

Egyptians housing development and reconstruction — -18.17%

Arab co. for asset management and development — -17.25%

El Obour real estate investment — -16.23%

Belton financial holding — -16.15%

  • South Africa

The JSE benchmark index (J203) dropped -4.56% over the week and closed trading at 66.584.34 basis points.

Top 5 gainers

Glo life interntional — +100.00%

Finbond group— +15.22%

Ellies Holdings — +14.29%

Afine investments — +11.75%

MTN Zakhele Futhi — +8.49%

Top 5 decliners

Ayo tech solutions — -19.17%

4sight holdings ltd. — -14.29%

Southern palladium ltd. — -13.04%

Deneb investments ltd. — -9.64%

Delta property fund ltd. — -9.25%

  • Kenya

The NSE All-Share Index

dropped -5.34% over the week to close trading at 132.34 basis points.

Top 5 gainers

Total Kenya ltd — +6.99%

Trans century — +6.90%

Nairobi business ventures — +6.77%

East African cables — +3.48%

Car and general — +3.41%

Top 5 decliners

Limuru tea company — -8.10%

Umeme ltd— -7.66%

NCBA group — -7.41%

Flame tree group holdings — -6.77%

East African breweries — -6.15%

Currency market

A photo of South Africa’s rand. Credit: African News Agency

Here is how Nigeria, Egypt, Kenya, and South Africa’s currencies performed against the US dollar this week.

Oil prices

A photo of an oil refinery 
  • Brent oil started the week at $91.7341/barrel and closed the week at $91.35.
  • West Texas Intermediate (WTI) started the week at $85.36/barrel and closed the week at $85.11/barrel.

Crypto market

An image of bitcoin

The cryptocurrency markets started the week at $1.06trillion and stood at $965 billion as of report time, according to data from Coinmarketcap.

  • Bitcoin (BTC) fell 7.97% to trade at $19,890.
  • Ether (ETH) fell by 19.28% to trade at $1,429.
  • Binance coin (BNB) fell 7.04% to trade at $275. 

Tech funding

  • Kenya-based insurtech, Turaco raised $10m Series A equity funding to further expand its insurance model to a pool of potential customers in its markets. 
  • Kippa, a Nigerian fintech has raised $8.4m in an oversubscribed seed round. The fund raised is to develop financial products that help SMEs grow their businesses and its team.
  • Venture capital fund, Janngo capital startup fund, had its first close at $33.98m in capital commitments to invest 50% of its proceeds in companies founded, co-founded, or benefiting women.
  • Bitmama, a Nigerian blockchain payment platform raised a pre-seed of $1.65m adding to the $350k it received last October, closing the round at $2m.

From the experts

According to Samson Akintaro, a tech analyst with Naira metrics, “For every innovation coming out of Africa and especially Nigeria, there is a huge market for it as long as it addresses problems faced by the people. Investors want to make returns on their investments. So, they look out for startups with innovative solutions and a market ready to use that solution. Right now, the African market and startups offer investors just that. That is why the startup ecosystem remains attractive to investors.”

Elsewhere on Ventures

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