Between 2020–2024 H1, 40.58% and 50.91% of deal volume went to consumer staples and consumer discretionary respectively, showing that everyday goods and lifestyle products are fast becoming investment magnets.
The utilities sector deal volume exploded in recent years, jumping from 21.62% in 2016–2019 to 70.27% in 2020–2024 H1, an indication that basic infrastructure services like energy, water, and power are now central to investment strategies.
78.57% of all deal volume in the information technology sector happened in the most recent period, suggesting that digital solutions and tech platforms are increasingly being backed by private capital.
The industrials sector also bounced back, with 46% of its deal volume coming in the 2020–2024 period.
Energy sector investment dropped from 66.67% to 33.33%, and real estate recorded no new deals after 2015.
Health care remained consistent across all three periods, securing exactly 33.33% of the deal volume each time, highlighting its stability, even if not standout growth.
Francophone Africa attracted $1.8 billion in private capital in 2021, about 9x the previous year (2020).
That same year saw 34 deals, which is quite high when compared to some other years, indicating strong investor confidence.
In 2024, deal value amounted to just $0.1 billion, and deal volume to 19, pointing to a significant cooling in activity.
Between 2012 and 2015, the region saw low deal values, with both 2014 and 2015 recording just $0.01 billion in investments.
A notable spike occurred in 2017 with $0.7 billion invested across 17 deals, marking the first major surge before 2021's breakout.
Deal counts haven’t always aligned with capital volume. For instance, 2023 had 42 deals but only $0.4B, suggesting a trend of smaller-sized investments.
The consumer staples sector attracted the highest private capital volume with 69 deals.
The financial sector shows strong traction, especially as digital finance and fintechs continue to open access to banking services in underserved markets.
Fifty-five deals in the consumer discretionary category suggest investors are interested in rising middle-class consumption, retail, and lifestyle-driven spending patterns.
At 50 deals, industrials, including manufacturing and infrastructure, remain a backbone for private capital.
Healthcare (24 deals) and utilities (37 deals) reflect increasing investor focus on sectors with long-term impact and scalable public value.
With $1.2B in deal value (25%), Côte d’Ivoire stands far ahead, signalling strong investor confidence.
At $697M (14.5%), Senegal is proving itself as a rising investment star.
Despite being a small economy, Rwanda drew $166M (3.5%).
DR Congo attracted $143M (3.0%), a modest share relative to its size.
Twenty-four Francophone African countries collectively received 47.4% ($2.3B) of the deal value, suggesting huge untapped or underserved markets across Francophone Africa.
Kenya is the absolute leader in startup funding, with $3.3 billion raised in the past six years.
The rest of East Africa is way behind, with Tanzania ($286M), Uganda ($183M), and Rwanda ($91M) being the next in line. But collectively, they don’t even match 20% of the funding Kenya received.
The total funding raised across East Africa from 2019 to 2024 is $3.94 billion, which means Kenyan startups alone secured more than 8 out of every 10 dollars invested in the region.
Investor confidence is highly concentrated in Kenya, largely due to its well-developed venture capital ecosystem, startup accelerators, and government support for innovation.
Kenya dominates East Africa’s startup funding, securing over 83% of all funds raised between 2019 and 2024 — a clear indication of its position as the region’s startup capital.
Kenya’s startup funding share has remained consistently above 80% since 2020.
2023 and 2024 saw Kenya secure nearly 89% of all funds, marking its strongest position.
Other East African countries combined have not received more than 30% of the funding in any year since 2019.
The lowest share of funding Kenya secured was in 2019 (69.81%).
A staggering 92.16% of all startup funding in West Africa flowed into Nigeria in 2019, showing the country’s lead in attracting investors.
Nigerian startups still led, but their share dropped to 68.03% in 2023 and 69.75% in 2024, indicating that other West African countries are starting to attract more investment.
Despite some shifts, no other West African country has come close to breaking Nigeria’s dominance. The remaining 20-30% of funding is spread across multiple nations, making it difficult for any single country to challenge Nigeria's position.
While Nigeria’s startup dominance is impressive, a more balanced regional investment landscape could lead to greater innovation and economic growth across multiple countries.
Nigeria is the clear leader, securing over 80% of total startup funding in West Africa. Its ecosystem benefits from a strong fintech sector, a large market, and increased investor trust.
Ghana and Senegal are challengers, attracting $460M and $410M, respectively. These countries are proving they can compete but still have a long way to go to match Nigeria.
Nigeria’s startups raised over ten times more than Ghana, the second-highest country on the list. This highlights an imbalance in investor focus.
Benin ($133M) and Côte d'Ivoire ($107M) are rising players but remain in the shadows of the region’s top three. Their growing startup ecosystems could gain more traction with the right policies and investments.
Mali, Togo, and Sierra Leone struggle to attract major funding, receiving less than $30M each. This signals a need for stronger ecosystems and investor confidence in these markets.
