Nigerian Startups Founded by Migrants Attracted Over $800 Million in 2022 – VP Kashim Shettima
Nigeria’s Vice President, Senator Kashim Shettima, has highlighted the significant contributions of Nigerian migrants to the global economy, revealing that startups founded by Nigerian migrants secured over $800 million in investments in 2022.
He shared this during the 10th Annual National Migration Dialogue held at the Presidential Villa in Abuja.
Speaking on the theme “Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights,” Shettima emphasized Nigeria’s leadership in diaspora remittances within West Africa and the broader impact of its migrants in diverse fields.
“Migration is not just a movement across geographies but a critical driver of development,” Shettima noted. “In 2022, Nigeria accounted for $21.9 billion in diaspora remittances, representing 64% of all remittances in West Africa. This demonstrates the economic contributions of Nigerian migrants.”
Beyond monetary remittances, the Vice President celebrated Nigerian migrants as global ambassadors excelling in technology, medicine, sports, and the creative arts. He remarked, “The $800 million in investments raised by startups founded by Nigerian migrants in 2022 underscores the transformative potential of our people worldwide.”
Shettima also highlighted Nigeria’s dual role as a country of origin and a destination for migrants, hosting over 1.3 million international migrants. However, he warned of the persistent challenges of irregular migration, citing the detention and deportation of 10,000 Nigerians for migration offenses in 2024 alone.
“These figures reveal the vulnerabilities tied to migration and stress the need for coordinated efforts to address these challenges while leveraging migration’s potential for economic resilience,” Shettima added, assuring that the Federal Government remains committed to tackling these issues.
Migration’s Role in Nigeria’s Development
Shettima’s remarks come amid changing dynamics in Africa’s startup ecosystem. Despite Nigerian startups’ achievements in 2022, Kenya overtook Nigeria as the top destination for startup funding in 2023. Research by Africa: The Big Deal revealed that Kenyan startups raised about $800 million, the highest in Africa, while Nigeria slipped to fourth place among the “Big Four” African countries—Kenya, Egypt, South Africa, and Nigeria.
Startups across Africa raised $2.9 billion in 2023, marking a 39% decline compared to the previous year. The “Big Four” accounted for 87% of the continent’s total funding, with Kenya leading the pack with a 28% share.
Egypt secured the second spot, buoyed by significant fundraising activities, while South Africa followed. Nigeria, which had led in 2021 and 2022, faced a sharp decline, raising the least among the Big Four.
Despite these challenges, the Vice President’s address underscores the ongoing potential of Nigerian migrants and startups to contribute meaningfully to both national and global development.
Source: Nairametrics
