![How Nigeria Paused A Dynamic Startup Ecosystem [Podcast]](https://tkcdn.tekedia.com/wp-content/uploads/2025/07/04115348/startup-founder-32-768x622.jpg "How Nigeria Paused A Dynamic Startup Ecosystem [Podcast]")
The Nigerian startup ecosystem, once a beacon of entrepreneurial spirit and a magnet for foreign investment, has experienced a significant downturn since May 2023. The primary catalyst for this decline was the government’s decision to float Naira without sufficient underlying economic structures to support its value. This led to a drastic currency devaluation, which in turn eroded startup valuations, deterred foreign and local investors, and ultimately froze capital flow.
The consequences have been severe: many promising startups have become “zombie companies” or have shut down, and there has been a significant “brain drain” as talented founders and innovators seek opportunities abroad. The current landscape is dominated by external-facing businesses, particularly in remittances, with little focus on internal economic development. This shift raises critical concerns about Nigeria’s ability to build a sustainable domestic economy and provide opportunities for its growing population if the fundamental issue of currency instability is not addressed.
In this podcast, I discuss this paralysis and the way forward for the Nigerian startup ecosystem.
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