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The 2025 Dealroom Global Tech Ecosystem Index, which benchmarked 288 tech hubs across 69 countries, ranked Lagos, Nigeria, as the world’s number one “Rising Star” tech ecosystem. According to the Dealroom report, the city notably overtook other prominent emerging markets such as Istanbul, Mumbai, Pune, and São Paulo to claim the top spot in this category. This ranking recognises Lagos as the fastest-growing tech hub globally, outpacing established players in the developing world.
Lagos State Governor, Mr Babajide Sanwo-Olu, expressed delight at this remarkable achievement, describing it as the result of “silent but focused hard work” by the state government over the last seven years. The recognition underscores the effectiveness of the government’s strategic focus on fostering a conducive environment for technology and innovation to thrive within the state.
The report highlights the immense growth of Lagos’s tech sector, which has seen its startup enterprise value increase 11.6 times since 2017, reaching $15.3 billion. A key indicator of this success is the city’s ability to generate high-value companies, having produced five unicorns—Interswitch, Flutterwave, Jumia, OPay, and Moniepoint—whose number has tripled since 2019.
Governor Sanwo-Olu also pointed to the significant foreign investment that has flowed into the city as a major driver of this growth. Between 2019 and 2024, Lagos attracted over $6 billion in direct foreign tech investment, which represents more than 70% of Nigeria’s total tech inflows. This investment has helped create a vibrant startup landscape, with over 2,000 startups now operating in Lagos as of October 2024.
Lagos Accounts for Approximately 90+ of Nigeria’s Startup Landscape
The dominance of Lagos within Nigeria’s tech scene is also evident in the numbers. The city accounts for 80 to 90 per cent of the nation’s entire startup landscape. Furthermore, of the 28 fastest-growing companies in Nigeria recognised by the Financial Times, 23 are based in Lagos, cementing its status as the country’s undisputed commercial and innovation hub.
The report notes that a population with high digital engagement supports this tech boom. A significant 38% of Lagos’s population shops online weekly, and the city boasts an internet penetration rate of 72% and mobile ownership of 94%. This is set against a backdrop of rapid urbanisation, with the metro population estimated at over 22 million and adding approximately 2,000 new residents daily.
According to the Dealroom report, what distinguishes Lagos from traditional powerhouses like Silicon Valley or London is not just the financial metrics, but the unique “DNA” of its innovation. Unlike many other African tech ecosystems that grew despite government indifference, Lagos has benefited from an increasingly proactive and embracing state government. Governor Sanwo-Olu articulated this vision, stating that “Governance in the 21st century must be digital, inclusive, and data-driven.”
Lagos State Attracts Global Attention with a Plethora of Innovations
Lagos State’s commitment to digital transformation is exemplified by practical innovations, such as an integrated transport payment card designed by young local engineers, which over 6.5 million Lagosians now use. This integration of tech into daily life demonstrates a tangible shift towards a data-driven, digitally inclusive society, proving that the government’s policies are directly impacting citizens.
Lagos’s success is also part of a broader continental trend, as the Dealroom report identifies a wider “African tech awakening.” Other cities like Johannesburg, Cape Town, Nairobi, Dakar, Kampala, and Accra were also recognised as “density leaders” for their high innovation output per capita, vibrant startup scenes, and strong university-industry collaboration.
Governor Sanwo-Olu concluded that Lagos’s crowning in the Dealroom report as the world’s fastest-growing tech ecosystem in 2025 is more than just a statistical victory. It represents a fundamental global shift in where innovation happens, who is building it, and what problems are being prioritised for solution, with Lagos firmly establishing itself as a critical new centre of gravity in the global tech landscape.
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