Vice President Kashim Shettima disclosed that Nigerian startups founded by migrants attracted over $800 million in investments in 2022. He made this announcement during the 10th Annual National Migration Dialogue in Abuja, themed “Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights.” He emphasized that migration is a vital driver of global and national development, noting that Nigerian migrants serve as global ambassadors excelling in technology, medicine, sports, and the creative arts. Additionally, he revealed that diaspora remittances in 2022 amounted to $21.9 billion, representing 64% of all remittances in West Africa.
Shettima acknowledged Nigeria as both a source and destination for migration, hosting over 1.3 million international migrants. However, he raised concerns about irregular migration, highlighting the return and reintegration of 10,000 Nigerians detained abroad for migration offenses in 2024. He stressed the need for coordinated efforts to address migration challenges while harnessing its potential for economic growth.
On a broader scale, research shows that Nigeria lost its position as Africa’s leading startup funding destination in 2023 to Kenya, which raised $800 million despite a 25% year-on-year decline. Nigeria dropped to 4th place among the Big Four countries—Kenya, South Africa, Egypt, and Nigeria—due to a steep decline in funding. In 2023, startups across Africa raised $2.9 billion, marking a 39% decline from the previous year.
Kenya led the continent in startup funding, accounting for 28% of the total raised. South Africa experienced an 8% increase in funding, securing $600 million, while Egypt ranked second due to substantial fundraising by MNT-Halan. Overall, the Big Four countries accounted for 87% of Africa’s startup funding, with Nigeria falling behind despite leading in prior years