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Nigeria's Web3 Industry Sees Shift in Funding, Infrastructure Leads

Despite a slight dip in total funding, Nigeria's Web3 industry is booming. Infrastructure and finance sectors are leading the way, attracting significant investment.

, and Administrator

2025 October 6 . 8:05 AM

1 min read

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Nigeria's Web3 Industry Sees Shift in Funding, Infrastructure Leads

The Nigeria Web3 Landscape 2024 Report has been released, revealing a slight decrease in funding for local Web3 startups, which raised $20 million in 2024 compared to $22 million in 2023. Despite this, investor enthusiasm remains strong.

The report highlights that securing large-scale capital remains a hurdle for Nigerian Web3 entrepreneurs. Some have turned to crowd sales to bridge this gap. Meanwhile, the finance sector has seen a significant boost, with funding surging from $2 million in 2023 to $7 million in 2024. This is driven by interest in stablecoin-based payment systems.

Infrastructure has emerged as the top-funded sector in Nigeria's Web3 industry, securing $11 million in 2024, a staggering 270% increase from 2023. This sector has seen remarkable growth, surpassing even the traditionally well-funded fintech sector. Overall, Nigeria is home to over 80 Web3 startups that have collectively raised more than $130 million in funding.

While there was a slight dip in overall funding, the Nigeria Web3 Landscape 2024 Report shows a shift in investment focus towards infrastructure and finance sectors. Despite challenges in securing large-scale capital, investor enthusiasm persists, with both international and local funds maintaining their support for Nigerian Web3 startups.