- ECI @ 25: Alake Showcases Lagos as Fastest-Growing Tech Hub in Africa
- Alake revealed that the state’s GDP by purchasing power parity stood at $259.75 billion in 2023
- Alake disclosed that Lagos is developing an Innovation Bill to attract private sector investment
Lagos State Commissioner for Innovation, Science and Technology, Olatunbosun Alake, has declared Lagos the fastest-growing hub of innovation in Africa, positioning the state as the continent’s second-largest city economy.
Eko Hot Blog reports that Alake made the remarks at the 25th anniversary and 14th biennial convention of Eko Club International held in the United States.
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The event was attended by Governor Babajide Sanwo-Olu, Minister of Education Dr. Tunji Alausa, diplomats, and members of the Nigerian diaspora.
“Lagos is no longer a potential hub. It is Africa’s fastest accelerating heartbeat of innovation and economic scale,” Alake said.
He revealed that the state’s GDP by purchasing power parity stood at $259.75 billion in 2023, second only to Cairo, with Lagos contributing more than 18 percent to Nigeria’s GDP.
Highlighting Sanwo-Olu’s THEMES agenda as the framework for Lagos’ transformation, Alake pointed to initiatives such as the Lagos State Science, Research and Innovation Council (LASSRIC), which funds startups and research projects. Over 60 startups in fintech, agritech, and e-commerce have already received support, while ₦1 billion was allocated last year to pre-seed ventures.
“LASSRIC acts as a de-risking agent for innovators at the ideation stage, improving their chances of survival,” he explained. The council has also backed over 70 research projects across universities and polytechnics in Lagos.
On infrastructure, Alake noted progress on the Lagos Metro Fiber Project, which has laid 2,900km of optic fiber to connect schools, hospitals, and government buildings, boosting internet penetration and supporting 5G rollout.
He also outlined smart city investments, including the deployment of more than 2,000 surveillance cameras linked to the state’s emergency response system and the introduction of an Intelligent Transport System that automatically issues fines for traffic violations.
Alake disclosed that Lagos is developing an Innovation Bill to attract private sector investment in research and development while creating opportunities for Nigerian scientists in the diaspora.
He further revealed that the state has attracted $1.5 billion in data center investments in the past two years, laying the groundwork for artificial intelligence and large-scale computing.
“Lagos is not just Africa’s innovation capital; it is becoming the innovation capital of the Global South,” Alake declared, urging Nigerians in the diaspora to contribute to the state’s fast-moving innovation drive.
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