# Financing gaps for Black-owned businesses in Africa > Live situation record from CLSTR: https://clstr.news/situations/financing-gaps-for-black-owned-businesses-in-africa > Updated: 2026-10-19T07:44:53.000Z. Sources: 7. Developments: 2. A report commissioned by British International Investment (BII) and Swedfund, conducted by Open Capital Advisors, has identified a $209 billion financing gap for Black-owned and Black-led businesses across five sub-Saharan African nations: Nigeria, South Africa, Kenya, Senegal, and Côte d’Ivoire. The research highlights a structural bottleneck where Black-owned businesses, which comprise between 89% and 99% of small enterprises in these markets, see their representation drop significantly as they scale. For example, Black-owned businesses account for 40% of larger firms in Kenya and 35% in South Africa. Nigeria faces the most substantial deficit at $131 billion, representing 63% of the total gap identified in the five countries. Other significant gaps include South Africa at $45 billion, Kenya at $23 billion, Senegal at $5.7 billion, and Côte d’Ivoire at $4.6 billion. These businesses are primarily concentrated in sectors such as agriculture, food systems, trade, services, and light manufacturing. ## Timeline ### 2026-10-19: Black-owned businesses in Africa face $209bn financing gap A new report reveals a $209 billion financing gap for Black-owned businesses across five African markets, with Nigeria facing the largest deficit of $131 billion. 2 sources. https://clstr.news/cluster/black-owned-businesses-in-africa-face-209bn-financing-gap ### 2026-10-15: Black-owned businesses in five African nations face $209bn funding gap A report by BII and Swedfund reveals a $209 billion funding gap for Black-owned businesses across Nigeria, South Africa, Kenya, Senegal, and Côte d’Ivoire, noting difficulties in scaling enterprises. 5 sources. https://clstr.news/cluster/black-owned-businesses-in-five-african-nations-face-209bn-funding-gap --- Cite as: Financing gaps for Black-owned businesses in Africa. CLSTR, https://clstr.news/situations/financing-gaps-for-black-owned-businesses-in-africa