TLP Advisory is a venture law practice that provides insights and reports on the Nigerian tech ecosystem and investment landscape.
Local listing dreams fades, as 46% of tech founders desire M&A exits
46% of Nigerian tech founders plan to exit via acquisition within four to six years. Founders show a strong preference for mergers and acquisitions over local IPOs.
Why Nigerian Startups Are Avoiding Local IPOs
Nigerian startups have not listed on the NGX's technology board since its launch in 2022. The naira has lost approximately 65% of its value since President Bola Tinubu loosened FX controls in 2023.
Three Years, Zero Listings: Nigerian Tech Board Fails to Attract Single Startup
More than two-thirds of Nigerian tech startups avoid listing on the Nigerian Exchange due to currency issues. The naira has lost over 65% of its value since President Bola Tinubu's administration began in 2023.
Misaligned incentives and shallow market keep Nigerian startups off NGX, says TLP report
The Nigerian Exchange (NGX) created a Technology Board three years ago, but no startups have listed on it. Nigeria's tech ecosystem contributed 19.78% to GDP by late 2024, powered by over 3,000 startups and significant venture capital funding.
49% of Nigerian startups founded in the last 10 years make less than ₦10 million in revenue
49% of Nigerian startups generate less than ₦10 million annually. 30% of startups took at least four years to secure their first funding.
