Graphic: Lagos is the startup capital of Africa

by MMC
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When it comes to attractiveness for startups, Lagos tops the ranking of African cities according to StartupBlink data. THE Nigerian Capital managed to outperform its direct competitors Nairobi, Cape Town and Johannesburg in 2021, a trend that is expected to continue. However, these scores are the exception rather than the norm. As our chart shows, African cities still have progress to make to sow the seeds for future startup growth.

Overall, only seven African cities scored above 1.0 points on the StartupBlink Index for 2021, with urban areas claiming the top spots, which is no surprise. Lagos, for example, is not only the largest metropolitan area in Africa, but has also made a name for itself as a technology hub rapidly progressing towards a 24-hour economy, generating ten percent of Nigeria’s total GDP, i.e. $432.3 billion. Nairobi, the second highest-rated African city in 2021, is home to the African headquarters of global heavyweights like Cisco, IBM, Coca-Cola and Google, a fact at least partly attributable to its reputation as a tourism and financial hub. hotspot. In terms of local achievements, institutions like the Nairobi Stock Exchange, one of the largest African stock exchanges, and companies like SafariComwhich had a market capitalization of $15.3 billion as of November 2021, makes Nairobi a fertile ground for investors.

Cape Town and Johannesburg, on the other hand, still benefit from South Africa’s economic position, which has led all African countries in terms of GDP for decades. Notable companies include Cape Town-based Naspers, whose $104 billion valuation as of July 2021 made it by far the largest company on the continent. As African Business data The shows, eight of the ten most valuable African companies in July 2021 were located in South Africa.

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