Business

Climate tech overtakes fintech as Africa’s top venture funding sector

Published

54 minutes ago

July 15, 2026

Preport

Climate tech, the field of technologies and solutions that are increasingly adapted to tackle the climate crisis, has emerged as Africa’s top venture funding sector, confining fintech, which has dominated the scene for years, to the back seat.

The sector accounted for less than a quarter of the aggregate venture capital that flowed into Africa in the nine years to 2025, according to a report released Tuesday by London-based research house Briter.

Climate tech’s role in venture funding became particularly pronounced in 2025, when it alone contributed 40 per cent, or $1.5 billion, compared with other years in the near-decade period under review, the study said. That was up from 13 per cent or $206 million in 2016.

“This growth has been accompanied by a rapid expansion in the number of funded companies and deals,” the report titled “The State of ClimateTech in Africa 2.0: Moving Beyond the Headline Numbers,” stated.

“Between 2016 and 2025, ClimateTech companies raised approximately $6.35 billion across 779 companies,” the research, conducted by Briter, conducted along with Catalyst Fund, BFA Global, FSD Africa and Africa: The Big Deal, added.

Nigeria’s growing profile

The report indicated that Nigeria, Africa’s largest nation by population, is quietly building a reputation as a climate-solution powerhouse, second only to Kenya. It attracted 12.9 per cent of the continent’s total investment between 2019 and 2025.

That said, Kenya, which tops the group of the three largest markets, which also includes South Africa, took more than half of the pool. It implies Nigeria needs to cover a vast swathe of ground within the ecosystem in the years ahead to stand a chance of leading Africa.

The country remains the fintech capital of Africa for years, with fintech revenue currently standing above $14 billion at a compounded annual growth rate of 31.4 per cent. The prestige has ridden a prolonged payments-led boom that has produced unicorns like Flutterwave, OPay and Moniepoint, with valuations above $1 billion.

Nevertheless, the report’s emphasis on climate tech as the newest sweetheart of offshore investors means that sector may end up as the leader of the broader tech industry in a matter of years, provided the current funding tempo doesn’t slow.

READ ALSO: Group urges FG to scale up clean cooking to achieve climate targets

It highlighted areas such as logistics, farmer-to-market links, and post-harvest loss reduction as bright spots where Nigeria can leverage its potential in climate tech.

A case in point is Lagos-based Winich Farms and a generation of new platforms, which it said have drawn inspiration from Twiga Foods, a mobile-enabled B2B supply platform operating from Kenya.

Winich and those others, the research said, are forging ahead where Twiga faced difficulties in its early days, as they are now incorporating market access, embedded finance and logistics, helping them avert costs that otherwise could have gone into building physical infrastructure. Walking that path has also cleared the hurdle for Winich Farm and the rest to link farmers up with off-takers, “rather than assuming demand will follow supply,” it noted.

Related Topics:Africas Climate Fintech funding overtakes Sector tech top venture

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Business

Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout

Published

9 hours ago

July 14, 2026

Preport

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Universal Insurance Plc, Nigeria’s top underwriter, said it has paid a total of ₦1.35billion in claims during the second quarter of 2026.

This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.

Tge company noted that theu claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.

Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.

“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”

He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.

The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.

As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.

The post Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout appeared first on Business Today NG.

Business

Businesses remain optimistic despite high taxes, insecurity

Published

17 hours ago

July 14, 2026

Preport

Nigerian businesses maintained a positive outlook in June 2026 despite persistent macroeconomic challenges, with high taxes, interest rates and insecurity remaining their biggest operational concerns, according to the Central Bank of Nigeria (CBN).

The findings are contained in the June 2026 Business Expectations Survey (BES) released by the CBN’s Statistics Department under the Economic Policy Directorate.

The June 2026 BES was conducted between 8 and 12 June, covering 1,900 business enterprises across Nigeria.

The regulator said the survey methodology was enhanced from April 2026 by replacing the previous three-point weighted diffusion index with a five-point scale to provide a more nuanced assessment of business sentiment.

The report showed that the Business Confidence Index (BCI) stood at 7.2 points in June, indicating that businesses remained optimistic about the macroeconomy, although confidence moderated amid prevailing economic headwinds.

“The Business Confidence Index stood at 7.2 points in June 2026, signalling continued optimistic sentiment among formal businesses,” the report stated.

However, CBN said respondents identified high or multiple taxation (73.7 per cent) as the most significant business constraints, followed by insecurity (71.7 per cent) and high interest rates (67.0 per cent).

Other major business concerns cited by businesses include unfavorable political climate (63.5 percent), high bank charges (61.9 percent), poor infrastructure (58.5 percent), and financial constraints (58.2 percent).

“In June 2026, businesses identified High/Multiple Taxation (73.7 per cent), Insecurity (71.7 per cent), and High Interest Rates (67.0.per cent) as the top three constraints.

“These were followed by Unfavourable Political Climate (63.5 per cent) and High Bank Charges (61.9 per cent). Poor Infrastructure (58.5 per cent) and Financial Constraints (58.2 per cent) ranked lower but remain significant,” it stated.

According to CBN, respondents’ positive sentiment was largely driven by economic diversification (38.3 per cent) and expansionary fiscal policy (16.2 per cent).

It said cautious views were mainly attributed to energy-related challenges (23.4 per cent) and elevated geopolitical uncertainties (16.5 per cent).

Sectors, regions

The report said all major sectors expressed optimism about the macroeconomy and their own business operations during the review period.

Among the sectors, CBN said mining and quarrying recorded the highest Business Confidence Index at 42.9 points and also posted the highest capacity utilisation during the month.

The apex added that confidence remained positive across all sectors over the next six months, although the industry and services sectors recorded slower confidence levels in June compared with the previous month, 12.5 to 10.9 points.

Regionally, respondents in Northern Nigeria expressed stronger confidence than their Southern counterparts during the review month.

While all regions were optimistic about the next three and six months, the report noted that only the South-East and South-South expressed negative expectations for the following month, whereas the North-East recorded the strongest optimism over the medium-term outlook.

On business activity, the apex bank said firms expect improvements in the volume of business activity in July, September and December 2026, with the volume of business activity index recording the highest confidence level among the selected business indicators.

It added that although the Financial Condition Index and Credit Access Index remained positive, they were lower than other indicators. This suggested that financing conditions and access to credit continue to require attention.

Employment

The survey also showed mixed expectations for employment by the Nigerian businesses.

While the mining and quarrying sector recorded the strongest expansion outlook at 84.6 index points, hiring expectations across sectors remained cautious in the near term.

“Employment expectations in July 2026 were generally cautious across sectors, with the Mining and Quarrying sector exhibiting the least optimistic hiring outlook,” the report stated.

The survey further showed that businesses expect the naira to appreciate gradually against the US dollar across the review periods.

At the same time, respondents expect borrowing rates to remain elevated, with the relatively stable borrowing rate indices suggesting a moderate increase in financing costs over the near to medium term.