Lagos Angel Network is pushing to make Nigerian investors the first source of capital for the country’s early-stage startups, as tighter global funding conditions force founders to compete harder for venture capital.
The network wants more Nigerian entrepreneurs, executives and professionals to move from building companies to backing them, creating a local layer of capital that can support startups before they become attractive to larger institutional or foreign investors.
Solomon King, executive director of Lagos Angel Network, said the goal is not to replace foreign venture capital but to ensure Nigerian startups do not have to wait for overseas investors before receiving their first meaningful backing.
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“Ultimately, our ecosystem cannot depend entirely on foreign capital to finance its earliest-stage companies. We need a stronger local first layer of capital,” King told BusinessDay.
The push comes as investors become more selective about
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