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Twenty-six Nigerian startups have engaged with 16 venture capital investors in Lagos as founders seek to secure funding amid a rebound in investments in the country’s technology ecosystem.
The engagement took place on October 27 through an Investor Connection Drive organised by Magna Collective, which facilitated 61 pre-scheduled one-on-one meetings between startup founders and potential investors.
According to Africa: The Big Deal, Nigerian startups raised $635m in the first nine months of 2026, more than double the amount recorded during the corresponding period in 2025 and the highest among African countries.
Despite the increase in funding, investments remained concentrated among a relatively small number of businesses, with only 77 startups raising at least $100,000 during the period.
Moove’s $250m transaction accounted for almost 40 per cent of the total funding recorded, highlighting the uneven distribution of venture capital across the country’s startup ecosystem.
The Investor Connection Drive was designed to address challenges faced by startups in connecting with investors whose funding priorities align with their businesses.
The programme adopted a speed-dating format, with meetings arranged based on investors’ preferred funding stages, cheque sizes and sector interests.
Participating investors reviewed proposed matches before the event and agreed to meet the selected founders, reducing the need for startups to make unsolicited introductions.
Kelvin Umechukwu, co-founder and Chief Executive Officer of commerce platform Bumpa, met four growth-stage investors during the programme.
He said the arrangement made the engagement more direct and productive because investors had reviewed the company’s documents before the meetings.
Lexi Novitske, general partner at Norrsken22, one of the participating investment firms, said the format helped investors identify businesses that aligned with their investment portfolios.
According to her, the arrangement improved efficiency and provided opportunities to engage with startups that could fit into the firm’s investment pipeline.
The participating startups operate across fintech, healthcare, artificial intelligence, logistics, energy, agriculture and education.
More than two-thirds of the participating businesses have women in leadership positions, while 11 are alumni of Google programmes, including Google for Startups Accelerator Africa, the Black Founders Fund and the Google AI Fund, in collaboration with the National Centre for Artificial Intelligence and Robotics.
Folarin Aiyegbusi, head of startup ecosystem for Africa at Google, said access to suitable investors could help founders accelerate business growth.
He said the initiative’s structured approach to matching startups with investors whose funding priorities align with their businesses could improve investment opportunities.
The programme also received support from the UK-Nigeria Tech Hub, an initiative of the UK Government’s Foreign, Commonwealth and Development Office, as part of efforts to strengthen investment links between Nigeria and the United Kingdom.
Oyinkan Akintola-Bello, director of the UK-Nigeria Tech Hub, encouraged Nigerian founders to consider the UK as an alternative market for raising investment.
The Office for Nigerian Digital Innovation (ONDI), under the National Information Technology Development Agency (NITDA), also supported the initiative.Magna Collective said it would monitor follow-up discussions and capital commitments arising from the meetings over the next six months and publish its findings.
Femi Awoniyi, Chief Executive Officer of Magna Collective, said the initiative was established to address the disconnect between Nigerian startup founders and potential
The programme is expected to provide insights into how structured investor introductions can improve access to venture capital for startups and strengthen funding opportunities within Nigeria’s technology ecosystem.
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Business
Lagos Plans 100 Food Processing Plants Around Logistics Hub
The Lagos State Government is planning to establish between 50 and 100 small food-processing plants around its proposed food systems and logistics hub to promote local processing, add value to agricultural produce and strengthen the state’s food supply chain.
Governor Babajide Sanwo-Olu disclosed this at the Executive Business Breakfast organised by the Nigerian-British Chamber of Commerce, where he outlined plans to develop an integrated system for food storage, processing and distribution.
He said the proposed processing plants would be located around the logistics hub and supplied with agricultural produce from different parts of the country.
According to the governor, the initiative is designed to create opportunities for value addition by ensuring that food commodities are not only stored and distributed but also processed within the state.
“The second part of that logistics hub is that it’s also going to feed about 50 to 100 small food processing plants,” Sanwo-Olu said.
He added that the government had made provision for processing facilities around the hub as part of its master plan.
“We’ve created about 1,000 hectares all around that business, so we’re going to have layouts of small processing mills around it that can often do a lot of value addition,” he said.
The proposed hub is expected to receive food commodities from different parts of Nigeria, with facilities for cold and dry storage, silos and a large trailer park to support the transportation of agricultural produce.
Sanwo-Olu said the facility was almost completed, describing it as one of the largest food systems and logistics hubs in Sub-Saharan Africa.
Agriculture&Agro-Allied
Kano to Expand Irrigated Agriculture by 2,000 Acres with 11 Mini Dams
The Kano State Government is set to expand irrigated agriculture by 2,000 acres through the construction of 11 mini dams across the state to boost food production, create jobs and reduce rural poverty.
The Commissioner for Agriculture and Natural Rence, describing the projects as part of a broader agricultural transformation programme aimed at expanding cultivable land and improving farmers’ productivity
Mahmoud said the government had already recovered more than 1,200 acres of farmland through the rehabilitation of dilapidated irrigation facilities at major sites, including Jermambaka, Kadawa and Bunkure A and B.
He added that another 200 acres had been recovered through collaboration with the Federal Government and the African Development Bank-supported ATAPS project.
The commissioner said the state was also implementing a major irrigation project at Donsushiya, featuring a two-kilometre dam with a capacity of three billion cubic litres of water and irrigation channels designed to serve 500 hectares of farmland.
According to him, the project was about 40 per cent complete, while the 14-kilometre access road constructed to facilitate the movement of heavy equipment to the site had been completed.
Mahmoud listed the 11 local government areas earmarked for the mini dams as Bebeji, Kibiya, Sumaila, Doguwa, Shanono, Dawakin Kudu, Gaya, Rogo, Dala, Dawakin Tofa and Ungogo.
He said compensation had been paid in at least six locations, while contractors had mobilised to some sites, particularly Bebeji.
The commissioner said the additional irrigation facilities would help reduce rural-urban migration, create employment and improve the income of farming households.
He also disclosed that the state had acquired modern agricultural equipment, including tractors, combine harvesters, threshers, solar-powered irrigation pumps, planters and transplanters, which would be distributed free to registered and credible farmers’ cooperatives.
Mahmoud further said the government had distributed about 7,800 cattle under its livestock intervention programmes, while more than 13,000 beneficiaries had received various forms of livestock support, including goats for women and rams for youths.
Canva Sacks 22% of Workforce Amid Slowdown, Rising AI costs
Canva is cutting 22 per cent of its workforce, affecting 1,271 employees, as the design software company grapples with slowing growth and rising artificial intelligence costs.
The company’s Co-founder and Chief Executive Officer, Melanie Perkins, disclosed the layoffs in a note to employees, saying Canva needed to restructure its operations to address slowing growth.
“Over the past thirteen years, we’ve turned a dream in a pitch deck into a platform used by hundreds of millions of people. None of it would have been possible without the talent, imagination, and care of every single person who has been part of this journey,” Perkins said.
She noted that despite the company’s achievements, its growth had slowed for the first time in a decade, describing the period as its most challenging year yet.
As part of the restructuring, Canva is merging its product, growth and platform teams to reduce communication barriers and streamline operations.
The company is also reducing subspecialisation, a move that could see employees take on broader responsibilities, while transitioning to a hybrid work arrangement that requires staff to work from the office several days a week.
The layoffs come as Canva faces rising costs associated with artificial intelligence development and deployment.
The company has been developing its own AI models to reduce costs and dependence on third-party providers. However, it recently lowered its revenue growth forecast to 20 per cent from 30 per cent amid rising AI expenses.
The slowdown and cost pressures have also affected its valuation, with early investors reportedly reducing Canva’s valuation to approximately $35 billion earlier this year.
Meanwhile, Canva is facing growing competition from AI-powered design startups and general-purpose chatbots, including ChatGPT and Google Gemini, whose image-generation capabilities enable users to create posters, presentations and other design materials.
The restructuring marks a significant shift for the company as it adjusts its operations amid changing market conditions and increasing competition in the AI-powered design industry.
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