Declined investments in 2022 made Nigeria dip three spots in the Global Startup Ecosystem Index 2023.
It noted that the gap between the Lagos tech ecosystem and all other ranked Nigerian cities that were ranked below 500 was surprising and concerning.
It stated that the country continues to top Africa’s unicorn charts with companies such as Flutterwave and OPay rapidly expanding regionally. Speaking about some of the challenges of the ecosystem, the research centre noted, “Nevertheless, Nigeria faces some major challenges, including a shortage of financing options, low purchasing power, and the disconnect between Lagos and other cities.
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