Why Lagos is a Breakout Startup Ecosystem
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In the heart of Africa, Lagos shines as a beacon of innovation and entrepreneurship. Let's dive into the data and insights that make this city a powerhouse in the making! 💡
The Numbers Don't Lie
According to Startup Genome:
• 400+ startups which account for 88% of Nigeria’s total startups.
• €820M EU investment in 2022
• Lagos Ecosystem Value: $8.4 billion (H2 2020-2022)
These figures reflect Lagos' dynamic and rapidly growing tech ecosystem.
In funding rankings, Lagos has consistently held a position between 51 and 60 in the global emerging startup ecosystem ranking. OPay's remarkable $400 million Series C round in August 2021 marked a significant milestone for the region.
Additionally, Flutterwave's impressive $250 million Series D round in February 2022 propelled its valuation to over $3 billion. Lagos-based startups are causing ripples and turning heads on the international investment stage. 🚀💼
1st in West Africa
According to StartupBlink, in the Global Startup Ecosystem Index of 2023, ranking 1st in Nigeria, 1st in West Africa and 82nd worldwide. Lagos is the only African city ranked in the global top 100. Lagos has outstanding performance in fintech, where it ranks 38th globally.
In Lagos, startups benefit from a unique mix of advantages for success.
• The Nigeria Startup Act 2022 provides startups with a four-year exemption from income tax.
• Lagos State Employment Trust Fund (LSETF) fosters entrepreneurship by improving access to finance and markets.
• Lagos State Development Plan (LSDP) 2052 promotes Lagos as a top investment destination in Africa.
• A pool of young, tech-savvy talent.
Despite a challenging macro environment, the vibrant city hosts dynamic and resilient startups that remain at the forefront of innovation in various sectors such as financial services, health, climate change, and education.
So f you have an idea, are already prototyping, or an entrepreneur, it can happen in Lagos. You join the Lagos chapter directly through our platform.