In this article, we will explore Flutterwave, Opay pushed Lagos startup ecosystem value to $8 billion biggest in Sub Sharan and valuations from the second quarter of 2020 to 2022 were valued at $8.4 billion.
Lagos was closely followed by Nairobi and Cape Town with total startups valuation of $7 billion and $3 billion respectively. Also, startups in Lagos raised around $820 million in early-stage funding which was the highest in the region.
According to the report, A new report by policy and advisory research firm startup Genome has placed Lagos as the regional leader in the Sub-Saharan startup ecosystem in terms of the value of the ecosystem and the amount raised in Funding.
According to the report, the Lagos startup ecosystem calculated using the value of exits and startup valuation from the second quarter of 2020 to 2022 was valued at $8.4 billion. The city was closely followed by Nairobi and Cape Town with total starts up valuations of $7bn and $3 bn respectively.
The report also revealed that Lagos held its place in the range of 51 and 60 in the global emerging startup ecosystem ranking.
Lagios dominates Nigeria’s tech sector Abuja- Nigeria’s capital city also registered its name in the report as it made it to the top five emerging tech startup ecosystems together with Kampala, Dar es Salaam, Dakar and Abidjan even if it seems that this will not be threaten Lagos position as the dominant tech ecosystem in Nigeria.
Through the sources, In October 2022 former President Buhari signed the startup act into law providing a regulatory framework in terms of finance, intellectual property etc for startups across the country. The act provides startups with a four-year exemption from income tax, and additional tax relief equal to 5% of taxable profits for up to five years for qualifying startups.
A new report by policy and advisory research firm startup Genome has placed Lagos as the regional leader in the Sub-Saharan startup ecosystem in terms of the value of the ecosystem and the amount raised in Funding. However, beyond the startup act, initiatives such as the Lagos state KITE program contribute to the dominance of the Lagos tech hub. Follow us for more latest updates and news from all corners of the world and stay tuned to social telecasts.
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