TABLE 2.

Analysis of TCI’s Challenge Fund Co-Investment Across All 13 Nigerian States Based on Graduated Benchmarks by Stage7

Partnership StageChallenge Fund, N (US$)State Released, N (US$)State Contribution, %State Contribution Benchmark, %
Start-upa452,817,829 (1,257,827.30)213,382,013 (592,727.81)320
Scale-upa812,769,147 (2,257,692.08)432,440,369 (1,201,223.25)3525
Surgeb568,037,808 (1,577,882.80)408,008,874 (1,133,357.98)4233
Pre-graduationc194,482,944 (540,230.40)139,398,250 (387,217.36)4250
Total2,028,107,728 (5,633,632.58)1,193,229,506 (3,314,526.41)

  • Abbreviations: N, Nigerian naira; TCI, The Challenge Initiative.

  • ↵a13 states.

  • ↵b10 states.

  • ↵c5 states.