Business

Lagos should be top choice for tech Startups in Sub-Saharan Africa — Report

Lagos, Nigeria, should be the preferred destination for technology startups in Sub-Saharan Africa, and the Global Startup Ecosystem Report (2023) highlights key factors behind its choice.


The report, conducted by Startup Genome, a leading innovation policy advisory and research firm, underlines the city’s tax incentives, robust government backing, and a pool of tech-savvy talent as compelling reasons for startups to set up shop in the commercial nerve centre of Nigeria.


A significant catalyst for the growing tech startup ecosystem in Lagos is the robust tax administration and tailor-made incentives offered by the Nigeria Startup Act 2022. The act provides startups with a four-year tax exemption and additional tax relief amounting to five percent of taxable profits for up to five years for qualifying startups.