Nigerian Startup Sector Breakdown
Shutdown distribution by industry (2023-2025)
18 major shutdowns analyzed • $120M+ in total losses
18
Companies
$120M+
Fintech
8 companies • $27.67M lost
44.4%
Crypto/Web3
4 companies • $52.6M lost
22.2%
EdTech
2 companies • $3.5M lost
11.1%
Logistics
2 companies • $1.3M+ lost
11.1%
HealthTech
1 company • $45M lost
5.6%
Other
3 companies • Various
5.6%
Key Insights
Fintech leads failures
(44.4%) - Despite being the most funded sector
Crypto devastation
(22.2%) - Regulatory uncertainty is a major factor
Highest individual loss:
HealthTech (54gene's $45M shutdown)
EdTech struggles:
Market readiness and adoption issues
Logistics challenges:
Infrastructure and funding gaps persist