This archive report was first published on 23 June 2021.
Published on June 23, 2021, the Global Startup Ecosystem Index 2021 revealed that Lagos has taken the top spot as Africa's leading startup hub, surpassing Nairobi, Kenya.
According to the report, Lagos is ranked 122nd globally, with a massive consumer market and over 500 active startups, one of the largest in Africa.
"The Nigerian city of Lagos has become the top African startup ecosystem, ranked 122nd after switching places with Nairobi, Kenya, which now ranks 136th," the report said.
Notably, Lagos is also ranked in the global top 50 cities for E-commerce & Retail Technology and in the global top 100 for both Transportation Technology and Education Technology.
Meanwhile, Ibadan, the capital of Oyo State, saw a significant increase in ranking, jumping 601 spots to 353rd globally and second in Nigeria, surpassing Abuja.
The nation's capital, Abuja, ranked third nationally, fell 12 spots to 466th, while Port Harcourt decreased by six spots to 906th.
Enugu, the newest Nigerian city in the rankings, ranks 978th globally and fifth nationally.
Benin City increased nine spots to 979th, while Kano jumped 14 spots to 981st.
With seven cities in the global top 1000, Nigeria continues to have the highest number of ranked cities of any African nation.
The report highlighted the challenges faced by Nigeria, including a lack of financing options, unpredictable regulatory decision making, and a lack of broadband internet infrastructure.
It urged the government to develop and strengthen existing entrepreneurship programmes and legislation that would support entrepreneurship.
Notable startups that contributed to Nigeria's growth in the index include Flutterwave, VerifyMe, and Mono.
