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Today: May 26, 2024
May 3, 2024
1 min read

Increasing Private Investment Fuels Growth in Nigerian Climate-Tech Startups


TLDR:

  • Nigeria has seen an increase in private funding for climate-tech startups.
  • Startups in this sector are raising significant amounts of funding, with nearly $3.4 billion raised since 2019.

Nigeria has experienced a surge in private funding for climate-tech startups, with a focus on businesses that enable electrification in the region. Rensource Energy, a company providing solar and battery-based power solutions, has benefited from this increase in funding. CEO Prince Ojeabulu highlights the need to address carbon emissions and implement clean energy solutions at a large scale.

While there has been progress in funding climate tech startups, experts note that more investments are required to meet climate goals by 2030. African countries need to tackle risks like currency instability and encourage investors to look beyond renewable energy technology to sectors like flood protection and disaster management.

Despite the challenges, the climate tech sector in Africa has seen significant growth, with startups raising $1.04 billion in the past year. Venture capital plays a crucial role in funding these startups, allowing them to experiment and innovate. However, private sector financing still lags behind public funding in climate initiatives.

Overall, the increase in private funding for climate-tech startups in Nigeria is a positive development, but more investments and a diversified focus on climate-related industries are needed to address the continent’s climate goals.


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