Lagos has emerged as the world’s fastest-growing tech ecosystem, topping the 2025 Dealroom Global Tech Ecosystem Index in the “Rising Stars” category. The ranking places Lagos ahead of Istanbul, Mumbai, São Paulo, Pune, and Belo Horizonte among 288 tech hubs across 69 countries.
Eko Hot News reports that Governor Babajide Olusola Sanwo-Olu described the achievement as the result of years of deliberate and focused investment in innovation. He said the milestone reflects sustained efforts by the Lagos State Government over the past seven years.
According to the Dealroom report, Lagos recorded an 11.6-fold increase in startup enterprise value since 2017. The ecosystem is now valued at $15.3 billion, underscoring its rapid expansion and investor confidence.
The city has produced five unicorns, including Interswitch, Flutterwave, Jumia, OPay, and Moniepoint. Unicorn creation in Lagos has tripled since 2019.
Sanwo-Olu revealed that between 2019 and 2024, Lagos attracted over $6 billion in direct foreign tech investment, accounting for more than 70 per cent of Nigeria’s tech inflows. He added that over 2,000 startups are currently based in Lagos.
The governor noted that Lagos accounts for 80–90 per cent of Nigeria’s startup landscape, with 23 of the country’s 28 fastest-growing companies recognised by the Financial Times operating from the state.
The report highlighted strong digital adoption, with 72 per cent internet penetration and 94 per cent mobile ownership. It also described Lagos as a “factory of unicorns,” driven by innovation and strong government backing.
Sanwo-Olu reaffirmed that governance must be digital, inclusive, and data-driven, positioning Lagos as Africa’s leading innovation powerhouse.
