• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business StartUPs

Lagos Dominates StartupBlink’s 2023 Report Africa Leading Startup Hubs

by Joan Aimuengheuwa
June 1, 2023
in StartUPs
0
Lagos Dominates StartupBlink’s 2023 Report Africa Leading Startup Hubs
City of Lagos; Source: Unsplash

City of Lagos; Source: Unsplash

UBA
Advertisements

Nigeria’s startup scene has been making waves globally, with Lagos at the forefront as the leading startup hub in Africa. 

Despite facing challenges, Nigeria continues to attract attention and investments, showcasing the potential for growth and innovation in the country. 

Lagos’s Dominance in Global Rankings

According to the StartupBlink Global Startup Ecosystem Index 2023, Lagos remains the only African city ranked in the global top 100. While it experienced a slight decrease in its global ranking by one spot to 82nd, Lagos maintains its position as the top city in Western Africa. 

Its exceptional performance in Fintech, ranking 38th globally, highlights its influence and potential in this sector.

Nigeria’s Evolving Startup Ecosystem

Nigeria’s startup ecosystem has witnessed significant growth, spurred by a massive consumer market and the rise of innovative companies. Nigeria now leads Africa’s unicorn charts, with companies like Flutterwave and OPay making waves and expanding regionally. The Nigerian Startup Act and initiatives such as the Startup Nigeria incubator and Co-Creation Hub demonstrate the public sector’s recognition of the transformative power of startups in Nigeria’s economy.

Challenges and Opportunities

Despite its successes, Nigeria faces challenges such as a shortage of financing options, low purchasing power, and a disconnect between Lagos and other cities. Infrastructure deficits need to be addressed, and smaller ecosystems require support to nurture talented Nigerian entrepreneurs. The government plays a crucial role in providing the necessary resources and fostering a conducive environment for startups to thrive.

Notable Startups and Ecosystem Champions:

Several notable startups have emerged from Nigeria’s thriving ecosystem. Flutterwave, a fintech company providing payment infrastructure across Africa, has achieved unicorn status. OPay offers smart financial services, empowering users to do more with their money. TradeDepot, a B2B e-commerce and embedded finance platform, connects SME retailers with a broad range of consumer goods. Jumia Group, a consumer goods e-commerce retail platform, has also made significant strides.

Looking Ahead

Nigeria’s startup ecosystem has gained international recognition, and with its success stories, the country has the potential to solidify Lagos as the top regional hub. However, addressing infrastructure deficits, improving financing options, and fostering collaboration between cities are crucial for sustained growth. 

The government, alongside support organizations like Lagos Angel Network, Growth Capital Fund, Ventures Platform, and Greenhouse Capital, must continue to provide funding and resources to empower Nigerian startups.

Conclusion

Nigeria’s startup ecosystem, led by Lagos, has become a force to reckon with in Africa. As Nigeria attracts investments and recognition, it holds immense potential for innovation, entrepreneurship, and economic transformation. 

With continued government support, increased access to financing, and efforts to bridge the gap between Lagos and other cities, Nigeria’s startup ecosystem can thrive, creating opportunities for talented entrepreneurs and propelling the country’s growth in the global startup landscape.

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: LagosStartup hubStartupBlink Global Startup Ecosystem Index 2023
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Tech Startups in Africa

Tech Startups in Africa Raised over $4.4b in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Nigerian Startup Renda Raises $1.9m to Simplify Logistics for African Businesses

Nigerian Startup Renda Raises $1.9m to Simplify Logistics for African Businesses

1 year ago

Ericsson Appoints Hossam Kandeel as Head of CU MTN

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.