When a major social media platform decided to establish its first office in Nigeria, the tech hub of Yaba was the chosen location due to its reputation for innovation, hosting notable startups like Andela and CCHub. The area gained recognition after a visit from the platform’s CEO, who commended the thriving tech community.
Over time, as Yaba’s tech ecosystem evolved, limitations such as space constraints and aging infrastructure started to become more noticeable. This prompted companies to explore alternative areas that could offer modern facilities and room for expansion.
Drawing inspiration from Silicon Valley’s transition from congested urban settings to expansive campuses in Menlo Park and Mountain View, tech companies in Lagos began shifting their focus to Ikoyi. This upscale neighborhood provided larger office spaces and superior infrastructure.
Ikoyi boasts office buildings like the 14-storey King’s Tower, Heritage Place, and Famfa Tower, offering amenities like security, parking, and environmental standards at a cost ranging from $600 to $800 per square meter annually.
In recent times, several prominent tech companies have relocated their offices to Ikoyi. Meta was among the first to make the move to King’s Tower, followed by Flutterwave and Microsoft. Google opted for Heritage Place, while Amazon settled in Victoria Island. Additionally, in August 2024, Fincra, a payment infrastructure provider, inaugurated its new headquarters in Ikoyi at the former residence of a colonial administrator, Lord Lugard.
Ikoyi has emerged as a preferred location for global companies looking to establish a presence in Nigeria.
Reasons Behind Choosing Ikoyi
According to Remi Dada, CEO of Spacefinish and Campus HQ, which designed offices for prominent tech companies, the shift to Ikoyi was inevitable. He highlighted that global corporations operate under different standards compared to the local tech ecosystem. Buildings in Ikoyi offer proper maintenance structures, a crucial aspect for multinational firms, which are lacking in areas like Yaba and Marina that have a concentration of high-rise buildings.
William Aimakhu, CEO of PWAN Perfection, stressed the strategic value of having an office in Ikoyi. He mentioned that an Ikoyi address is not just a location but a strategic asset that can enhance client interest, a significant advantage in a competitive business environment.
