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
More Stories
Rukky Ladoja & Building a Responsible Nigerian Fashion Brand
How to Write About Africa: Collected Works’ Shows Binyavanga Wainaina’s Legacy
Amapiano to the World: The Next Cultural Shift in Mainstream Music
Feeling at Home at New York’s Contemporary African Art Fair
Mr. Eazi on African Music’s Role in Developing and Stimulating the Creative Economy
8 Lisbon Restaurants for Discovering the City’s African Diaspora
Silversea Cruises’ Extended Indian Ocean Island and Southern Africa Programme
Events Specifically Dedicated to Celebrating Black Music and Culture in Europe
Namibia Offers a Wealth of Experiences for Adventurous Travellers
Top Destinations to Visit in Africa
Establishing Manufacturing Nodes across the Continent and Leveraging on the AfCFTA
The Agritech Innovators Bringing Transformative Change to the Continent’s Green Economy