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Lagos Losing its Commercial Capital Appeal

Beyond taxes, startup founders and ecosystem leaders are also weighing other costs that come with doing business in Lagos. The city’s notorious traffic jams make commuting a stressful daily routine, impacting productivity and quality of life. The associated higher costs of living in Africa’s largest city also drive up companies’ overheads and employees’ living expenses. startup ecosystems started sprouting outside Lagos as much as five years ago just as tech hubs have emerged beyond legacy tech markets across the continent. But it’s a process that could be sped up in the wake of increasing difficulty of doing business in Nigeria’s economic capital. “The idea that Lagos is the be all, end all is no longer true,” says Iyin Aboyeji, an early co-founder of Lagos-based Andela and Flutterwave, who has chosen Calabar in Nigeria’s south as the base for his new investment firm, Future Africa. “

SOURCE: QUARTZ AFRICA