Nigeria's start-up ecosystem attracted $364.1 million in investment in August 2026, according to the federal government, which warned that the bigger challenge is converting venture capital into productive businesses capable of expanding markets, strengthening exports, and driving industrial growth. ECOWAS shortlisted 60 start-ups from 1,499 qualified applications for its second Start-up Awards, with a $65,000 award. The developments place a new question at the centre of Nigeria's start-up debate: what happens after the money is raised?
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