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Lagos nigeria is a thriving hub for startups and entrepreneurship in africa with a rich history of innovation and entrepreneurship the city is the largest in nigeria and one of the fastestgrowing in africa with a population of over 28 million people lagos has been home to several notable entrepreneurs and businesses including aliko dangote tony elumelu and guaranty trust bank the city has a diverse range of industries including finance technology and entertainment in recent years lagos has become a hub for technological innovation and startups the city has seen the emergence of several successful startups including paystack flutterwave and andela which have gained international recognition and attracted significant investment lagos is home to several universities including the university of lagos lagos state university and lagos business school these institutions have played a crucial role in developing the entrepreneurial ecosystem in lagos by producing skilled graduates who can contribute to the growth of startups the living wage in lagos varies depending on the industry but the minimum wage is currently set at 30000 naira per month however the cost of living is relatively high in lagos with many residents struggling to afford basic necessities such as housing and healthcare the unemployment rate in lagos is high with many residents struggling to find stable employment opportunities this has led to a rise in entrepreneurship and the growth of the startup scene in lagos as more people look to start their businesses the city level gdp of lagos is estimated to be around 4323 billion us making it the fifthlargest economy in africa however lagos startup scene is not without its challenges the city lacks adequate infrastructure including reliable power and transportation systems which can make it difficult for startups to operate efficiently the regulatory environment can also be challenging with bureaucratic hurdles and unclear policies creating obstacles for entrepreneurs
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