Nigerian Startups See Rough Financing Road Ahead
ABUJA, NIGERIA — Nigeria’s tech startups are facing reluctance from investors, stemming from the shutdown of some prominent young companies last year. Kingsley Eze co-runs Nairaxi, an e-Commerce, on-demand logistics startup in Abuja, Nigeria’s capital. Despite its record of handling tens of thousands of successful requests, the firm has been largely funded by Eze, as well as family and friends. Eze told VOA that even though he is ready for expansion, it has been difficult to secure financing, amid the tales of failing startups in the country. “It’s been very difficult to raise funds, investors are cautious, the interest rate hikesmore
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