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-upa

452,817,829 (1,257,827.30)

213,382,013 (592,727.81)

320
Scale-upa

812,769,147 (2,257,692.08)

432,440,369 (1,201,223.25)

3525
Surgeb

568,037,808 (1,577,882.80)

408,008,874 (1,133,357.98)

4233
Pre-graduationc

194,482,944 (540,230.40)

139,398,250 (387,217.36)

4250
Total

2,028,107,728 (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.