In November 2023, Will Stevens, the consul general at the U.S. Consulate General in Lagos, Nigeria, told the Global Tech Africa Conference that approximately 40% of venture capital (VC) investment in Africa came from the U.S. and 60% of African startups are incorporated in the U.S. He added that African startups raised $4.8 billion—an average of over $1 million every two hours—in 2022.

While Stevens’ comments were intended to highlight the importance of Africa and its VC ecosystem to the U.S., his reported comments are misleading without further context.

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