49% of Nigerian startups founded in the last 10 years make less than ₦10 million in revenue

Nearly half of venture-backed Nigerian startups founded within the last ten years make less than ₦10 million ($6,000) in annual revenues, according to a new report by TLP Advisory, a venture capital law firm. 49% of startups surveyed in the report generate less than ₦10 million a year, while only 15% generate above ₦250 million ($149,000) annually.

These startups attributed their…

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