TLP Advisory, a Lagos-based venture law firm with offices in London and New York, marks 10 years of operation with a milestone report, “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights & Stories.”
The report dives into the evolution, challenges, and opportunities within Nigeria’s tech ecosystem.
By the numbers
- $3B billion: Record venture capital investment in 2021, despite 51% of surveyed startups citing funding struggles due to currency volatility.
- 30% of Founders identify regulatory complexities as a key hurdle.
- 200,000+ Businesses supported by TLP’s legal-tech platform, DIYLaw, since its launch.
Key insights
- Funding challenges: Angel investors are stepping up as startups face hurdles in accessing venture capital.
- Talent gaps: Retaining skilled employees and improving operational efficiency remain top priorities.
- Policy collaboration: Startups and policymakers must work more closely under frameworks like the Nigeria Startup Act.
Zoom in
The report highlights the ecosystem’s growth, from early enablers like CcHUB and Lagos Angel Network to success stories such as Piggyvest and PressOne Africa.
It also recommends expanding strategic partnerships, prioritizing talent development, and deepening engagement in policy creation.
What they’re saying
- “This report reflects the resilience and evolution of the Nigerian tech ecosystem,” said Odunoluwa Longe, TLP co-founder. “It’s about building a future where founders, investors, and the public sector work together to make Nigeria a leader in innovation.”
- “A supportive policy framework is essential for unlocking founders’ potential,” added Adenike Adeyemi, Executive Director at FATE Foundation.
Report Recommendations
As Nigeria’s tech sector enters its next phase, TLP Advisory’s report underscores the need for collaboration and adaptability to fuel sustainable growth.
- Deepening Strategic Partnerships: Expanding collaborative efforts between startups and corporates can unlock new markets and aid regulatory navigation.
- Investing in Talent Development: Addressing skill gaps is crucial for retaining high performers in a competitive landscape.
- Engaging in Policy Development: Proactive participation in policy discussions is essential for creating a supportive business environment.
