Lagos is now the home of 23 of Nigeria’s fastest-growing companies, further solidifying its status as Africa’s premier startup engine.

In a recent report, the Financial Times and Statista have identified Lagos-based firms in the fintech, logistics, edtech, and agri-tech sectors as some of the most ambitious and dynamic on the continent.

International investment has been attracted to companies such as Paystack, Flutterwave, and Max.ng, which have expanded their operations on a rapid scale throughout West Africa.

These firms are not only transforming the way Nigerians access financial services, education, and transportation, but they are also creating thousands of employment.

Nevertheless, the city’s expansion is being impeded by its infrastructure challenges.

Business owners and employees alike continue to be frustrated by frequent power outages, exorbitant data fees, and inadequate public transportation.

The talent outflow is a growing concern for many founders, as qualified workers are leaving for opportunities in the United States, Canada, and the United Kingdom.

The Lagos State government has responded by announcing its intention to establish a 72,000-square-meter technology park in Lekki.

The startup community has expressed enthusiasm for the park’s provision of affordable workstations, training facilities, and subsidized power.

The vitality in Lagos is unparalleled, despite the obstacles. As one founder described it, “This is a city where, if you possess the courage and fortitude, you can construct something that alters the world.”