- Lagos Overtakes Istanbul, Mumbai to Emerge No. 1 Rising Tech Hub
- The Dealroom report highlighted that 38 percent of Lagos residents shop online weekly
- Says the recognition as the result of seven years of deliberate and focused efforts
Lagos has been ranked the world’s fastest-growing tech ecosystem in the 2025 Dealroom Global Tech Ecosystem Index, outperforming 287 other tech hubs across 69 countries.
Eko Hot Blog reports that the report places Lagos at the top of the “Rising Stars” category, ahead of established emerging markets such as Istanbul, Pune, Mumbai and Belo Horizonte.
EDITOR’S PICK
- Nigeria Earned N65.85bn from Wood Energy Exports in Q1 2025 – NBS
- Insecurity Rooted in Poverty, Obasa Tells Political Leaders
- Eleko Residents Protest Planned 150m Setback on Lagos-Calabar Highway
Reacting to the development, Babajide Sanwo-Olu, Governor of Lagos State, described the recognition as the result of seven years of deliberate and focused efforts by his administration to position the state as a global digital hub.
According to the governor, Lagos has recorded an 11.6-fold increase in startup enterprise value since 2017, with its tech ecosystem now valued at $15.3 billion. The city has also produced five unicorns; Interswitch, Flutterwave, Jumia, OPay, and Moniepoint with unicorn creation tripling since 2019.
Sanwo-Olu stated that between 2019 and 2024, Lagos attracted more than $6 billion in direct foreign tech investment, accounting for over 70 percent of Nigeria’s total tech inflows. As of October 2024, more than 2,000 startups operate within the city.
He added that Lagos accounts for between 80 and 90 percent of Nigeria’s startup landscape, noting that 23 of Nigeria’s 28 fastest-growing companies, as recognised by the Financial Times, are based in the state.
The Dealroom report highlighted that 38 percent of Lagos residents shop online weekly, internet penetration stands at 72 percent, and mobile ownership has reached 94 percent. The city’s metro population now exceeds 22 million, with an estimated 2,000 new residents arriving daily.
Describing Lagos as a “factory of unicorns,” the report noted that the city’s rise represents a broader shift in how African tech companies compete globally. It added that what distinguishes Lagos from traditional tech centres like Silicon Valley or London is not just scale, but the unique DNA of its innovation ecosystem.
Unlike many African tech ecosystems that evolved despite limited government backing, Lagos has increasingly embraced its role as a digital innovation hub. Sanwo-Olu reiterated that governance in the 21st century must be digital, inclusive and data-driven.
He pointed to initiatives such as the state’s integrated transport payment card developed by young engineers and now used by over 6.5 million residents across rail, waterways, buses and taxis as examples of homegrown innovation.
The report situates Lagos within a broader African tech awakening, identifying cities such as Johannesburg, Cape Town, Nairobi, Dakar, Kampala and Accra as “density leaders” known for strong innovation output and vibrant startup ecosystems.
Sanwo-Olu said Lagos’s emergence as the world’s fastest-growing tech ecosystem in 2025 is more than a statistical milestone, describing it as a fundamental shift in where innovation happens, who drives it, and the problems being solved.
FURTHER READING
- Dabiri-Erewa Warns Youths as 13 Trafficking Victims Arrive Lagos
- Dr. Alausa Backs COSCEN Peer-Learning Initiative on School Enrolment
- The Edo Kidnapped Story: Where Kidnappers Discovered Doctors Also Have Eyes
Click here to watch video of the week
