Nigerian startups raise $11.3 million in September 2026, down 97% from August

In September 2026, Nigeria's startup scene experienced a significant drop in funding, with nine startups collectively raising $11.3 million, a 96.9% decrease from August's $364.1 million. The decline was primarily due to large transactions in August, such as Moove's $250 million Series C round, Jumia's $50 million raise, and Yellow Card's $40 million funding.

Despite the drop, capital continued to flow into various sectors including fintech, logistics, deeptech, waste management, agriculture and food, and services. Nomba and Drive45 were the largest recipients of funding in September, securing $3 million each through debt financing, which accounted for 53.1% of the month's total. ChipMango, a deeptech startup, recorded two separate funding transactions, raising a total of $2.1 million, which made it one of the largest recipients of funding that month.

Aeon, another deeptech startup, raised $1 million in a pre-seed round, contributing to the sectors that attracted capital in September. The overall funding environment in September was more selective, with a decline from the record $364.1 million raised in August, but still reflecting investor confidence in Nigeria's innovation and entrepreneurial potential.