According to a recent report by the Africa Private Equity and Venture Capital Association, Nigeria has emerged as the top destination for venture capital investments in 2022.
The continental organization’s “2022 AVCA Venture Capital in Africa Report” annual report stated that Nigeria outperformed other nations to account for 22% of the total.
According to the research, West Africa continued to be the most active region for the second year in a row, with Nigeria leading both the continent and the region in terms of activity.
The financials sector, which accounted for 42% of transaction value and 31% of deal volume on the continent, was where most deals were made.
Additionally, overseas investors made up 77% of active investors in Africa’s venture scene in 2022, while African investors made up 23%.