- Q1 2026 Nigerian startup funding fell 28% YoY to $78.6M.
- Market shift: Moving from 'growth at all costs' to profitability and efficiency.
- Debt financing is replacing equity to avoid dilution.
- Capital is concentrating in fintech, deeptech, logistics, energy, healthcare, and education.
- Beacon Power Services (BPS) serves as a case study for debt-funded infrastructure.
- Founders are advised to prioritize unit economics and cash flow over rapid scaling.