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Sanwo-Olu
According to a 2025 Dealroom Global Tech Ecosystem Index, which benchmarks 288 tech hubs across 69 countries, Lagos has overtaken Istanbul, Mumbai, and São Paulo to claim the #1 spot.
The report says Lagos secured the topmost spot in the “Rising Stars” category, outpacing established emerging markets like Istanbul, Pune, Mumbai, and Belo Horizonte.
According to a statement on Sunday, by the State government, reacting to the remarkable feat, Lagos State Governor, Mr. Babajide Sanwo-Olu, described it as a culmination of years of silent but focused hard work by the Lagos State government in the last seven years.
According to the governor, Lagos has achieved an 11.6-fold increase in startup enterprise value since 2017, with its tech ecosystem now valued at $15.3 billion.
The city, he noted, has produced five unicorns—Interswitch, Flutterwave, Jumia, OPay, and Moniepoint—with unicorn creation tripling since 2019.
“Between 2019 and 2024, Lagos attracted over $6 billion in direct foreign tech investment, accounting for more than 70% of Nigeria’s total tech inflows”, Sanwo-Olu stated.
As of October 2024, he added that over 2,000 startups now call Lagos home
He said, “Lagos accounts for 80-90% of Nigeria’s entire startup landscape. 23 of Nigeria’s 28 fastest-growing companies, as recognized by the Financial Times, are based in Lagos”.
The governor’s position aligns with the report, which noted that 38% of Lagos’s population shops online weekly, with internet penetration at 72% and mobile ownership reaching 94%
Lagos, according to the report, adds approximately 2,000 new residents daily, with an estimated metro population exceeding 22 million
“Lagos’s transformation into what locals call a ‘factory of unicorns’ represents more than just valuations—it’s a fundamental shift in how African tech companies compete globally”, the report stated.
“What distinguishes Lagos from Silicon Valley or London isn’t just the numbers—it’s the DNA of how innovation happens”, the report added.
Unlike many African tech ecosystems that developed despite government indifference, Lagos has increasingly embraced its role as a digital hub.
Governor Sanwo-Olu articulated the vision clearly: “Governance in the 21st century must be digital, inclusive, and data-driven.”
Innovations like the integrated transport payment card, designed by engineers in their late 20s, are now used by over 6.5 million Lagosians across rail, waterways, buses, and taxis
According to the Dealroom report, Lagos’s success occurs within a broader African tech awakening. The report identifies Johannesburg, Cape Town, Nairobi, Dakar, Kampala, and Accra as “density leaders”—ecosystems outstanding in innovation output per capita, with vibrant startup scenes and strong university-industry collaboration.
He said, “It represents a fundamental shift in where innovation happens, who builds it, and what problems matter.
