The Debt Thesis: Nigerian Startups Pivot From Equity as GITEX Reboots the Funding Playbook

Nigeria's startup ecosystem is quietly flipping its funding model. Equity is no longer the default play — debt is, and it's happening faster than anyone predicted. A record 41% of all capital raised by African tech startups now comes from debt, up from just 17% in 2019, according to Partech Africa's annual venture capital report. The Lagos tech scene, long obsessed with chasing VC checks and unicorn milestones, is learning a different lesson: revenue-backed borrowing can fund...