Nigeria’s tech companies are at a crossroads. With global IPOs once seen as the ultimate exit looking out of reach, prominent startups like fintech unicorn, Flutterwave, and internet provider, Tizeti, are now weighing a local listing on the Nigerian Exchange (NGX) as an alternative path to liquidity and sustainable growth. This pivot could not only redefine exit strategies for Nigerian startups but also reshape investor sentiment in Africa’s burgeoning tech ecosystem.
The narrative is changing. For years, Nigerian startups have flirted with the idea of listing on international exchanges. Flutterwave, for instance, had initially set its sights on a US debut; plans that, since 2022, were repeatedly spotlighted in media coverage. However, recent change of posture signals those plans have been shelved, at least for now.
Flutterwave’s CEO, Olugbenga Agboola, has been notably noncommital about pursuing an immediate public offering. “Our immediate priority is to build a profitable, resilient, and scalable business,” he remarked on a recent podcast, indicating a shift from the global IPO ambition previously thought to be imminent. Instead, the company is now carefully evaluating market conditions and its internal financial health before making any final decisions regarding a listing.
This strategic pivot comes amid a broader reassessment of exit options for African startups. While the continent has seen record capital inflows—over USD 14 B raised between 2019 and 2024, including USD 2.07 B last year per the latest WT funding report—the number of significant exits has remained scant; less than USD 3 B generated in exit value since 2010.
Comparatively, regions like Latin America, Southeast Asia, and India have witnessed a flurry of IPOs and acquisitions, which have helped validate investor confidence in local tech ecosystems.
