The fast growth in internet penetration and smartphone usage has created new opportunities for Startups in Nigeria. Mobile technology is especially important since it enables companies to reach a larger audience, including those in remote locations. As a result several region in the country ranked in the top 1000 cities in the world for Startups to thrive, with Lagos being 70th globally.
- Business Insider Africa presents the top 10 best Nigerian cities for Startups in 2024.
- This list is courtesy of Startup Blink.
- Lagos ranks number one on the list and 70th in globally.
The fintech industry, for example, has grown by using mobile technology to provide financial services to the unbanked and underbanked. Companies such as Flutterwave and Paystack have transformed online payments, making them more convenient and safe.
Nigeria's young and tech-savvy populace is a driving force behind the burgeoning startup industry. With a significant number of its population being under the age of 25, there is a large pool of active and inventive people willing to develop and implement new technology.
This demographic advantage serves as a solid basis for a thriving startup environment, stimulating demand for innovative solutions and fostering an entrepreneurial culture.
The Global Startup Ecosystem Index 2024 report by Startup Blink “Reversing last year's negative momentum, Nigeria has maintained its position in the Index as the 64th ecosystem globally and 4th in Africa.”
Nigeria includes 6 cities in the worldwide top 1,000, including Kano, which joined the index this year. All six Nigerian cities improved their rankings.
“With an internal market of more than 200 million people (projected to reach 400 million by 2050), Nigeria and its capital Lagos have become a leading startup hub in Africa. The country now tops Africa's unicorn charts with companies such as Flutterwave and OPay rapidly expanding regionally. It's also the base for Jumia Group, a Pan-Africa,” the report read.
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With that said, here are the top 10 best Nigerian cities for Startups in 2024.
