7 Startups To Watch In Lagos, Nigeria

Lagos, Nigeria is sometimes referred to as Africa’s Silicon Valley. As a city boasting a population of over 16 million people and projected to be the 6th largest city in the world by 2050, it’s certainly poised for significant growth.

Famous for its culture, museums and food, the city is becoming an interesting hotspot for entrepreneurs and investors alike.

 

What Is The Biggest Industry in Lagos?

 

Whilst Lagos’ tech sector is booming, it’s certainly still second to its largest asset: its port. The port of Lagos is one of Africa’s busiest ports according to Internet Geography, specialising in logistics, gas, oil and manufacturing. The port plays a central role in Nigeria’s import and export industries, helping fuel the economic growth across the city.

 

How Many Startups Are In Lagos?

 

Last year, Startup Genome estimated that Lagos’ tech sector was worth about $8.4bn in 2022. Whilst this did sit below the global average, it did make Lagos one of Africa’s most impressive startup economies.

In fact, the article estimated that at the time, Lagos was home to over 400 startups – 88% of Nigeria’s total.

Here, we take a look at seven startups in Lagos that are powering the future of technology in Africa. Let’s take a look…

 

1. Lumos – Renewable Energy

 

 

Lumos provides Nigerians with affordable solar energy systems for their homes and businesses.

With the aim to reduce reliance on the grid, which can be expensive and cut in and out, Lumos is making access to renewable energy cheaper and more accessible to the masses.

 

2. Retink Media – Digital Marketing & Brand Strategy

 

 

Retink is an AI-driven content and brand marketing tech startup, helping businesses stand out from the crowd.

They create campaigns that use social media and analytics to reach a specific audience. By using a combination of AI and strategy, Retink is becoming a key player in Nigeria’s marketing space.

 

3. Paystack – Online Payment Solutions

 

 

Paystack is helping businesses modernise their payment infrastructure by allowing them to accept both online and offline payments.

Through offering a number of payment solutions, including card, transfer, Apple Pay, QR codes and more, Paystack is empowering African businesses to grow at scale.

 

 

4. Workspace Manager – Coworking Space Management

 

 

Workspace Manager helps co-working spaces manage, monetise and market their spaces to businesses.

Their software allows companies to see everything in one place, from bookings to payments and more. As more companies look for flexible work spaces, and existing providers want to maximise their clientele, Workspace Manager is helping businesses in Nigeria make the most of their spare space.

 

5. Flutterwave – International Payments Infrastructure

 

 

Flutterwave is another company that helps businesses build a more inclusive global payment infrastructure.

They offer a number of services suited to many scenarios, including those sending money to family, or businesses looking to expand their client base abroad.

Whether it’s for personal or business reasons, Flutterwave is helping more companies expand globally.

 

6. QuadLoop – Sustainable Energy Hardware

 

 

QuadLoop creates affordable solar lanterns and home systems using 70% recycled materials.

By utilising electronic waste, the company is able to not only help more people access renewable energy, but ensure the tech generating it is sustainable too.

 

7. Moove – Vehicle Financing

 

 

Moove helps people purchase vehicles for their businesses through vehicle financing solutions.

By offering a number of financing options, Moove is helping drivers and those who want to be part of the gig economy start up their businesses.

Given many drivers may not have the finances to purchase a car outright, Moove is the perfect solution to help drivers in Nigeria start making money from their cars.