The Lagos Entrepreneurship Landscape
The year 2016 is rounding up, and the population of Lagos is estimated to be over 20 million people, unarguably the largest city in Africa!
Lagos is synonymous with ‘hustle’, the sound of horns blaring, people making deals at all corners of town, traffic and unending movements, parties and hangouts. Little wonder it is fondly called the city that never sleeps. It is the dream destination for businesses and entrepreneurs which has led Lagos to have the highest GDP for any city in Africa.
It is often said that if you succeed in Lagos you can succeed anywhere. As a result of Lagos’ status as an entrepreneurship-driven city, many innovation hubs and co-working spaces have sprung up and are springing up. Their main purpose is to take advantage of the city’s enterprising energy and people and make up for the lapses in Infrastructures.
Lagos is also the major Information Communications and Telecommunications (ICT) hub of West Africa and potentially, the biggest ICT market in the continent, little wonder Mark Zuckerberg visited Lagos to meet with the enterprising entrepreneurs in one of Nigeria’s foremost hubs – CoCreation Hub.
It is also worthy of note that the largest gathering of African Entrepreneurs happens in Lagos courtesy The Tony Elumelu Foundation. 1000 Entrepreneurs from across Africa are brought to Lagos for a two day bootcamp/forum.
Here’s what makes the entrepreneurs in this city standout
- They are resilient, despite the lapses in infrastructure they head out everyday to make things happen
- They are risk takers. Doing business in Africa is quite risky because of the economic situation, yet they persevere.
- They love to build relationships. They move in groups and leverage on themselves
- They learn fast, adapt and innovate.
- They are always looking for new opportunities to grow and expand.
- They find opportunities in challenges
- They know better than to give up.
Having said this, Lagos Entrepreneurs still have a lot to learn to compete on a global scale. They need to learn the importance of good customer service, branding, quality assurance among others. Lagos is the entrepreneurship hub of Nigeria. It is raw gold waiting to be refined.
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