Top 10 best cities to start a business in Nigeria in 2024

The financial technology sector, which is successfully utilizing the advancements of mobile technology, has made tremendous strides in providing a wide range of financial services to the significant portions of the population that have traditionally been underbanked and unbanked, thereby bridging a significant gap in the economy.

Through the innovative efforts of pioneering companies such as Paystack and Flutterwave, the entire process of making online payments has undergone a significant transformation, resulting in a much safer, more secure, and vastly more convenient experience for individuals and businesses alike.

A major factor propelling Nigeria’s growing startup scene is the country’s youthful, tech-savvy population. There’s a big pool of creative and energetic individuals who are eager to create and apply new technology because a big portion of the population is under 25.

With its ability to generate demand for creative solutions and promote an entrepreneurial culture, this demographic advantage provides a strong foundation for a flourishing startup environment.

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.

Here are the top 10 best Nigerian cities for Startups in 2024: