Startup Ecosystem: Nigeria Edges Kenya, South Africa, Others

Startup cities
  • Startup Ecosystem: Nigeria Edges Kenya, South Africa, Others

Lagos, Nigeria has emerged as the best startup city in Africa with 8.044 total score and ranked 99 globally, according to Startup Blink report released recently.

Nigeria’s startup hub led Nairobi, Kenya which came second with 7.918 and was ranked 105 while Cape Town, South Africa came third with 7.527 and ranked 157th.

Cairo (7.177) is 177th position; Tunis (6.712) is 223; Kigali (6.19) 232; Accra (3.983) 244; Johannesburg (3.417) 248; Kampala (3.196) 279; and Casablanca (3.195) at 284 globally.

Breaking down the report, Lagos rose 120 positions to 99th, while Abuja jumped 143 positions to 383 globally with 2.655. Ikeja, however, rose the most during the period under review, rising 358 positions to 636 at 0.822 total score.

Startups Nigeria

Nigeria also had a new entrant, Port Harcourt. The Southern city was ranked 653 at same total score with Ikeja. Suggesting that the Port Harcourt is fast rising when it comes to startup growth.

Ibadan, however, dropped 144 positions to 672 despite having same total score with Ikeja and Port Harcourt.

Benin city made top 1000 with 708 positions after jumping 215 spots at 0.820. Another indication of effectiveness of Obaseki’s recent growth initiative.

According to the report, the main issue facing startups in Nigeria is lack of infrastructure, resulting in unreliable power, and poor Internet connections.

“We are confident that if infrastructure is improved, Nigerian founders will be able to move forward for the benefit of their country and economy. Relatively stable after climbing one spot in the global rankings, Nigeria seems to be enjoying good momentum,” the report stated.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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