Top Startup Sectors in Nigeria: 2025 Investor Guide

When it comes to Africa’s startup ecosystem, the big four regions – South Africa, Nigeria, Kenya and Egypt – continue to dominate funding headlines, innovation and sector growth. And although there are other regions beginning to gain momentum (Ghana we see you), the big four are still the main headliners.

We previously did a dive into the startup ecosystem in South Africa, from key challenges, top venture capitalists (VCs) to the startups innovating. This time around we’re looking at another top region: Nigeria.

As 2025 unfolds, the drivers of startup growth are growing more nuanced. Investors are looking not just for fintech unicorns, but scalable models in agritech, healthtech, cleantech and other sectors that address deep structural gaps. Meanwhile, regulatory and institutional shifts are creating both opportunities and new demands. 

This guide walks through the current state of Nigeria’s startup ecosystem, the top sectors, who is doing the work, what remains challenging, and who is funding all of this.

Nigeria’s Startup Ecosystem in 2025: Key Trends and Outlook

In the 2025 Global Startup Ecosystem Index report by StartupBlink, Nigeria ranks 66 globally, and first in West Africa, maintaining its regional dominance despite slipping slightly in recent global rankings. Known as the “Giant of Africa”, the country’s combination of a large, youthful population, widespread mobile adoption, and rising entrepreneurial ambition continues to attract early-stage and growth-stage capital alike.

The ecosystem, however, is not without structural challenges. Access to financing remains a persistent hurdle for many founders, particularly at pre-seed and seed stages. Purchasing power is limited across a large portion of the population, which has a direct impact on business models that rely on consumer spending. 

Additionally, there is a noticeable disconnect between Lagos - Nigeria’s primary innovation hub - and other regions, which often struggle with access to infrastructure, funding, and experienced talent.

Despite this, new policy frameworks such as the Nigeria Startup Act (2022) and local support organisations have helped the ecosystem evolve. A growing number of incubators, accelerators and venture-building firms are providing critical services, from mentorship and technical advisory to market access and enterprise training, enabling more startups to scale beyond their first product or pilot phase.

Nigeria’s Top Startup Industries: Fintech, Agritech and Healthtech

As with many African countries, Nigeria’s leading startup sectors are consistent with its most pressing market gaps and consumer needs. Fintech continues to be the frontrunner by volume and value of funding, but both agritech and healthtech are seeing increasing traction, offering investors broader opportunities for investment. 

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Fintech in Nigeria: Digital Payments, Crypto and SME Banking

Although 2024 was a challenging year for startups in Africa, Nigeria’s fintech sector continued to show growth and sustainability, growing by an impressive 70% year-over-year (YoY). As of early 2025, Nigeria is home to more than 400 fintech companies, an incredible increase from the 255 companies mapped in January 2024. 

The sector's strength lies in its ability to solve real, large-scale problems: financial exclusion, inefficient banking infrastructure, and costly cross-border payments. With high mobile penetration and a significant unbanked population, fintech has found fertile ground in Nigeria.

The fintech sector was fuelled by several critical developments in 2024.

• Crypto and blockchain benefited from various regulatory changes, with the Central Bank of Nigeria lifting its ban on banks serving crypto companies.
• The Securities and Exchange Commission (SEC) of Nigeria introduced the Accelerated Regulation Incubation Programme (ARIP), requiring all virtual asset service providers (VASPs) to register and undergo an assessment before full approval. 
• In September 2024, two local cryptocurrency exchanges, Quidax and Busha, were granted approval by the SEC

These are just some of the regulatory and policy changes that have positively affected the country’s impressive fintech sector. In terms of funding, the sector continues to show significant growth and funding. In 2024, Nigeria secured 44% of all fintech funding raised in Africa, approximately $410 million even as total investment dropped amid global headwinds.

The level of market share is grounded in the dense ecosystem, with about 28% of Africa’s fintech startups being based in Nigeria. The country also processes an impressive 8 billion mobile-money transactions annually, valued at $1.68 trillion, a key driver for mobile payments platforms and digital wallets.

Key Growth Areas in Fintech

Mobile Payments & Digital Wallets

In Nigeria, mobile payments and digital wallets solutions are seeing significant growth, influenced by a high mobile penetration of 65% and a largely unbanked population. The market is projected to grow substantially, with the mobile POS payments market forecast to reach $42.68 billion in 2025 and the digital wallet market potentially reaching $65.84 billion by 2031.

Startups to watch:

• OPay – A financial services platform that provides mobile banking, payments, and other financial services to users, agents, and merchants. Its services include instant transfers, airtime and data top-ups, savings, loans, and a free debit card.
• Paga - A fintech company that provides mobile payment services, including sending and receiving money, paying bills, and topping up airtime and data.

Blockchain and Crypto Adoption

As of 2024, Nigeria is ranked second globally in crypto adoption, driven by key policy changes and government support. The adoption of crypto in Nigeria is due to many of its citizens turning to digital assets like bitcoin and stablecoin as an alternative to storing value, accessing foreign exchange, cross-border transactions and participating in the broader digital economy.

Startups to watch:

• Yellow Card – A cryptocurrency exchange that provides financial services, including buying, selling, and trading digital currencies like Bitcoin and stablecoins, for both individuals and businesses.
• Busha – A Nigeria startup that operates as an app-based platform for cryptocurrency trading, allowing users to buy, sell, and store digital assets like Bitcoin and Ethereum.

SME Banking and Infrastructure

Startups providing banking infrastructure for small and medium-sized enterprises (SMEs) are expanding fast. These platforms offer more than just accounts, they provide APIs, credit, payroll management and compliance tools. 

Startups to watch: 

• Anchor - Provides a banking-as-a-service (BaaS) platform, allowing African businesses to build and launch their own financial products, such as accounts, cards, and loans, without having to build the core banking infrastructure themselves. 
• Brass - Provides business banking services, including current accounts and financial tools, to help SMEs manage and grow their operations.

Agritech Startups in Nigeria: Innovation in Farming and Supply Chains

Agriculture is a critical economic driver in Nigeria, contributing over 23% to its GDP and employing a significant portion of the labour force. Yet despite its size, the sector is riddled with inefficiencies, from outdated farming methods to broken supply chains and post-harvest loss.

This is where agritech startups have stepped in. By combining digital tools with supply chain infrastructure and farmer financing, these companies are transforming how agriculture is practised and commercialised.

In the agritech industry, Nigeria has over agritech 200 startups. These startups raised over $154 million in 2022 alone, positioning the country as a continental leader in agrifoodtech investment. 

Trends in Agritech

Access to Inputs and Financing

Startups are helping smallholder farmers access seeds, fertilisers, and credit facilities through digital platforms. These tools enable data-backed lending and more predictable yields.

Post-Harvest Management and Storage

Food loss due to inadequate storage remains a critical challenge. Startups using solar-powered cooling and other innovative storage technologies are helping reduce waste and increase farmer incomes.

Market Linkage and Supply Chain Logistics

Some platforms are streamlining how produce reaches urban markets, helping farmers secure better prices and ensure delivery consistency. These solutions are critical to unlocking value beyond the farm gate.

Startups to watch:

• Thrive Agric – Enables farmers to access financing, inputs, and markets. Thrive Agric has assisted over 500,000 farmers and facilitated the production of more than 1.5 million metric tonnes of grains. 
• ColdHubs – The startup addresses the issue of perishable food loss by providing solar-powered cold storage solutions, allowing farmers and vendors to store fresh produce for up to 21 days, cutting down food waste and increasing income. 

For investors, the attraction lies in the scale of the addressable market, the social impact potential, and the opportunity to build infrastructure that enables broader economic participation.

Healthtech Startups in Nigeria: Closing the Healthcare Access Gap

Much like many African regions, access to healthcare is a persistent issue in Nigeria. The country’s health system is marked by chronic underfunding, limited infrastructure, and severe professional shortages. For millions of citizens, particularly outside major cities, access to quality healthcare remains a daily challenge.

Healthtech startups are beginning to bridge these gaps by offering digital health services, telemedicine, diagnostics, and pharmaceutical distribution. These solutions are particularly valuable in low-resource settings, where physical clinics and specialists are scarce.

The sector has also seen significant funding, including a recent $11 million for startup grant for Field from the Bill & Melinda Gates Foundation, MyChekker’s angel round from the Lagos Angel Network and Remedial Health which completed a $12 million Series A round to scale its pharmacy procurement operations.

Key trends in healthtech 

Hospital and Clinic Digitalisation

Electronic medical records (EMRs) and integrated hospital management systems are making public and private healthcare providers more efficient.

Artificial Intelligence-Driven Diagnostics 

Artificial intelligence (AI) is being deployed to improve early diagnosis and screening. These tools are helping catch diseases early, even in areas without specialists.

Medicine Distribution and Procurement

Startups are using B2B platforms to streamline procurement and improve delivery to pharmacies and hospitals.

Startups to watch:

• Helium Health – Provides digital health tools for African healthcare providers. Its solutions include HeliumOS, an electronic medical record and hospital management system, the telemedicine platform HeliumDoc, and a business loan platform for healthcare providers called HeliumCredit. 
• Ubenwa – A Nigerian startup leveraging artificial intelligence (AI) to analyse infant cries, providing early screening and diagnosis for conditions like birth asphyxia and other neurological issues.
• Remedial Health - Helps pharmacies access verified medications quickly, affordably, and at scale.

Who’s Funding Nigerian Startups in 2025? Types of Funders

Across fintech, agritech and healthtech, Nigeria’s startups are drawing interest from a wide range of funders:

• Early-stage Venture Capitalists – Backing pre-seed and seed-stage companies with strong founder-market fit. VCs include Ventures Platform, Microtraction, Ingressive Capital, EchoVC Partners, and GreenHouse Capital.
• Growth-stage Investors – Supporting scale-ups with traction, strong metrics, and regional expansion plans. Investors include Verod Kepple Africa Ventures (VKAV), which invests $1M–$3M in growth-stage companies, and TLcom Capital, which invests up to $10M.
• Angel Networks – Providing early validation capital and strategic guidance. Angel networks include the Lagos Angel Network (LAN), and FirstCheck Africa, which focuses on female entrepreneurs.
• Family Offices and Corporate Venture Arms – Particularly active in fintech and logistics-adjacent sectors.
• Development-focused Investors – Including foundations and impact funds, especially in agriculture and health.

Startups that align high-growth potential with clear impact outcomes like boosting financial inclusion, reducing food waste, or improving maternal health are particularly well-positioned to attract blended capital sources.

Final Thoughts: Nigeria’s Startup Sectors Hold Investor Potential

Nigeria’s startup landscape in 2025 presents a compelling mix of scale, complexity, and urgency. Fintech continues to lead in both innovation and returns, but agritech and healthtech are coming into sharper focus as investors seek to back resilient, real-economy solutions.

For founders, the message is clear: Nigeria remains a fertile ground for innovation but execution, regulatory awareness, and sustainable business models are non-negotiable. For investors, the country offers access to high-growth sectors that also deliver impact at scale.

The next wave of winners in Nigeria’s startup ecosystem will be those that can navigate its friction points, leverage local insight, and solve problems for the many, not just the few.