Venture capital has fueled Nigerian startups for a decade, but the tide is turning. Global funding winter, FX instability, and investor fatigue are forcing founders to rethink survival strategies.

The State of Play
From Flutterwave to Paystack, Nigerian tech darlings rode VC waves. But smaller startups now face closed doors. In Q1 2025, African VC funding dropped 40% year-on-year. Nigerian startups bore the brunt.

Bootstrapping as Strategy
Founders are rediscovering scrappy growth: lean operations, early revenues, and user-first design. SMEs tapping local angel networks, crowdfunding, and diaspora remittances prove alternatives exist.

Government’s Role
Tax reliefs, grants, and development finance can cushion gaps. But policies must shift from slogans to execution. Regulatory clarity in fintech, logistics, and healthtech will reduce risk perception.

Outlook
The VC tap may reopen, but survival depends on resilience. Startups that endure this season will be fitter, stronger, and less addicted to easy money.

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