Summary: In 2021 and 2022, the top 10 Nigerian startups in food and agricultural industry secured 90% or more of the total investment in the agriculture sector. They have recorded notable increase in funding indicating growth within the Food and Agriculture sector and contribute the bulk of capital importation into Nigeria’s agricultural sector.
The startups in the infographic below (Chart 1) generated the most funding in Nigeria’s food and agricultural industry, in 2021 and 2022.
Total funding value for the top 10 companies in 2021 was $35.7 million and $93.4 million in 2022. They account for about 90% or more of the total funding that went into food and agricultural startups in both years (Table1).
Clearly, there has been an overall increase in funding generated over the years. One interpretation is that it implies an increase in value within the food and agric space.
Although 2022 was not the year with highest amount of capital importation in recent times ($95.80 million into the agricultural sector and $5.33 billion overall), the funding raised by food and agricultural startups was significantly better.Â
From the infographic below (Chart 2), in 2022, funding raised by food and agricultural startups contributed 97.60% of capital importation into the agricultural sector in Nigeria which is 1.75% of the total capital importation into Nigeria (including other sectors).
