Nigeria's tech bourse, once touted as a homegrown exit route, is being quietly ignored by the very startups it was meant to serve.
A new industry report from TLP Advisory, a cross-border venture law practice, finds that most founders either do not know how to use the Nigerian Exchange's Technology Board or prefer selling abroad, leaving the NGX with a tech-sized hole three years after the board was created.
TLP's survey says 53 percent of founders cite a simple awareness gap as the main reason they have not pursued a local listing. The same study finds 77 percent of venture-backed startups raise capital in dollars but make revenue in naira. That currency mismatch creates a powerful economic bias toward offshore exits, where investors and founders can lock value in hard currency.
