The 2024 Startup Index has ranked Lagos as 70th in the world placing it among the top 100 cities with vibrant startup ecosystems.
According to the report by StartupBlink, a global startup research centre that covers over 100 countries, Lagos is one of only two African cities in the global top 100.
The second African city on the list is the Egyptian Capital, Cairo, which ranks 97th.
The report indicated that more Nigerian cities are coming up in terms of startup activities and that helped Nigeria to retain its 64th position in countries ranking seeing a decline in startup funding in 2023.
Nigeria is also ranked 4th in Africa.
6 Nigerian cities in the top 1000
The report shows that Nigeria has 6 cities in the global top 1,000, with Kano joining the Index this year. The cities include Lagos, Abuja, Ibadan, Enugu, Port-Harcourt, and Kano.
“Lagos is the strongest startup ecosystem in Nigeria, with a total score of more than 15 times greater than Abuja, the 2nd ranked city, showing strong centralization. Lagos excels in the Consumer Goods industry, ranking 1st in Africa for this industry,” the report stated.
The report noted that though Nigeria ranked 4th in Africa in 2023, the country tops the continent’s unicorn charts with companies such as Flutterwave and OPay rapidly expanding regionally.
It added that the country’s public sector is gradually catching on to the massive potential of startups to transform Nigeria’s economy.
The report acknowledged the several initiatives in the country aimed at boosting the startup ecosystem, including the Nigeria Startup Act.
“The Nigerian Startup Act aims to empower entrepreneurship in the country through a legal and institutional framework for the development and operations of Nigerian startups. Other initiatives, such as the Startup Nigeria incubator or the Co-Creation Hub, will hopefully continue to foster the entrepreneurial spirit in the country.
“Moreover, other support organizations such as Lagos Angel Network, Growth Capital Fund, Ventures Platform, and Greenhouse Capital provide funding for local startups. Similarly, FATE Foundation, a non-profit organization, offers aspiring and emerging entrepreneurs a platform to launch, develop, and expand their businesses with enterprise training, mentoring, and advisory support,” it added.
StartupBlink also cited the presence of Starlink’s satellite broadband service, as a factor that will greatly improve the country’s internet speed and boost the startup ecosystem.
