Lagos, Nigeria, has emerged as Africa’s Leading Startup Ecosystem.
This time, it came 65th among the list of 100 countries listed across the world, according to the 2022 Global Startup Ecosystem Report (GSER).
Also on the list, was Cairo, which ranked 73rd in the same category.
Also, the report ranked Lagos as the 81st country on the StartupBlink 1000 Ecosystem Index Report 2022.
Based on this ranking, Lagos is the leading country in West Africa and Second in Africa.
The report further noted that Lagos has the largest overall early-stage funding of $527 million for 2019 H2- 2021, and the ecosystem value for 2019 H2- 2021 at $9 billion, making it the top-performing city in the region.
The Global Startup Ecosystem Index by StartupBlink has been updated annually since 2017.
Considered the most comprehensive global data index in the world, the GSER analysis of the Nigerian Startup ecosystem had wholesomely given the credit to Lagos State, for placing Nigeria on the map of success among African Countries.
Last year, Nigeria didn’t make the list as it moved down from its 99th position it was ranked in 2019.
“Nigeria’s climb is the result of Lagos’s success. Lagos has seen a massive jump of 41 places to 81st globally. It is the first African city to break into the global top 100, a milestone that should be celebrated.” the report said.
The report also drew the attention of stakeholders to the dropping out of four cities in Nigeria from the ecosystem.
Last year, seven cities in Nigeria were listed in the ranking, but have dropped to three:Lagos, Abuja, and Ibadan.
The report suggests that talents were moving away from these cities to Lagos, given the opportunities available there.
“The total number of Nigerian cities in the global top 1000 fell from 7 to 3, signaling some cities with seed ecosystems are losing momentum even as Lagos witnesses very high growth and suggesting that Nigerian talent may be moving to Lagos at the expense of other cities.
“Our recommendation for policymakers in Nigeria is to strengthen other ecosystems, given the size of the country, and push one more ecosystem towards the top 200. Nigeria faces some major challenges, including a shortage of financing options and poor broadband internet infrastructure. As Nigeria is attracting international recognition with its success stories, we are certain that investment levels will increase.
“In the meantime, the government will have to do its part to address the infrastructure deficit to allow its talented entrepreneurs to achieve success faster. “It added.