Lagos technology startup ecosystem valued at $9b, ahead of four others

Though the average global technology startup ecosystem is valued at $28.6 billion, Lagos, which represents Nigeria, is valued at $9 billion and far ahead of cities including Cape Town (South Africa) $2.8 billion; Nairobi (Kenya) $2 billion; Johannesburg (South Africa) $962 million and Accra (Ghana) $259 million.
 
This was contained in the 382-page Global Startup Ecosystem Report 2022, which also disclosed that the early stage funding seen by Lagos from 2019 to 2021 was $529 million against global average of $687 million. The state also earned $1.8 billion in Venture Capital (VC) funding between 2017 and 2021. It takes between 6.3 years for a startup to exit the stage as a startup as against 9.4 years global average.
 
The report claimed that the young, tech savvy market and dedicated startup support were major strengths of the Lagos ecosystem, with leading players including Flutterwave, Opay, among others.
 
More details at:
https://guardian.ng/business-services/lagos-technology-startup-ecosystem-valued-at-9b-ahead-of-four-others/
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