Nigeria’s once-vibrant tech startup scene is witnessing a wave of shutdowns, as several high-profile, venture-backed firms close operations despite having raised millions of dollars.
The trend signals a harsh reality in Africa’s largest startup ecosystem by exposing the cracks in business models that thrived during the funding boom but can not withstand tightening capital and a harsh macroeconomic reality.
The latest fall is Lidya, a digital lending company once celebrated for providing instant credit to small and medium-sized businesses
