Weekly gist: Nigerian startups are defying recession

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January 28, 2017
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2 min read

Nigerian startups are recession-proof!

While some are feeling the Naira pinch, startups are attracting dollars (aren't they lucky?). But before we all become "entrepreneurs and Yaba hustlers," let's take a minute to rejoice with the fortunate ones.

BudgIT

In a nation where budget padding and all shades of corruption abide, the arrival of BudgIT was a breath of fresh air. People expect accountability and are asking more questions than social and traditional media can handle.

Since its inception in 2011, BudgIT have collaborated with several government parastatals to promote transparency and accountability in the country. Interestingly, BudgIT just recently raised over $3 million in grants from the Omidyar Network and the Bill and Melinda Gates Foundation.

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nHub

Twenty four hours after the announcement that BudgIT raised $3 million in funding, nHub put pen to paper in contract for seed funding with an undisclosed local investor.

nHub is a tech innovation hub from Jos in Plateau State, Nigeria. They are unarguably the first in the region and are powering software development, training and empowerment.

Asuqu

R. Josh Musah confirmed Asuqu's investment to be in the range of 5 figures in US dollars.  The investment will allow the founder improve on the product and build other complimentary products; like Asuqu marketplace, Asuqu Elite and Asuqu SME.

Asuqu, is an online platform that allows people hire professional freelancers in Nigeria.


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Top 5 commercial banks that Nigerian SMEs can bank on

According to a recent statistics from the National Bureau of Statistics, Nigeria currently has over 17 million MSMEs. While striving to remain in business, funding has been a consistent barrier to the growth and expansion of these MSMEs.

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Writer. Photographer. Interested in African culture, history, politics and policies.
Writer. Photographer. Interested in African culture, history, politics and policies.
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