A market intelligence report titled ‘Innovations in Digitizing Distribution of Health Products‘ from Salient Advisory has rolled out seven key facts about the Nigeria health tech space. The report shows that Nigeria remains the key hub of digitized health product distribution – for example, innovators based in Nigeria have received 34.4% of total funding raised in the ecosystem within the last 12 months.
Below are the facts:
- 67% of innovators based in Nigeria operate in both the rural and urban areas
- 18% of innovators are led by either an all-female founding team or a female founder
- Innovators in Nigeria raised $79m in the last 12 months
- 14% of innovators domiciled in Nigeria operate in more than one country
- 71% of innovators are primarily concerned with facilitating consumer distribution.
- Despite making up just 20% of the Nigerian innovator cohort, B2B innovators have raised nearly half of the total investment disclosed.
- In terms of funding raised in the last year alone, innovators with no links to high-income nations have raised just 2% of the reported funding.
Meanwhile, inspired by the sector’s progress, a $7 million Investing in Innovation (I3) program has been launched to provide 60 promising early and growth-stage companies with access to markets and commercialization support to power their scale.