Venture capital flows into Nigeria's startup ecosystem collapsed in July, with total funding dropping 96% compared to the previous month.
The sharp contraction signals a severe cooling of investor appetite for new deals in the region's largest economy, as institutional backers pull back amid heightened risk aversion.
7 points in the session, marking a difficult start to the month for equity holders.
The freeze in private equity activity coincides with broader turbulence in Nigerian public markets.
The Nigerian Exchange (NGX) opened July with a sharp decline, shedding N2.39 trillion in market capitalization as profit-taking weighed heavily on the market's largest constituents.
The All-Share Index dropped 3.7 points in the session, marking a difficult start to the month for equity holders.
This dual pressure on both private and public capital markets underscores the challenging environment for Nigerian businesses.