Lagos State’s tech startup ecosystem has surged to a value of over $9 billion, making it Africa's largest, according to Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake.
Alake shared this during Nigeria’s breakfast meeting with global investors at GITEX Global, a major tech expo held in Dubai, United Arab Emirates.
With more than 2,000 tech startups calling Lagos home, Alake emphasized the city’s dominant role in Nigeria’s innovation space, contributing significantly to the continent's entrepreneurial landscape. “80 to 90% of Nigeria’s startup ecosystem is concentrated in Lagos, making it a pivotal player in the tech space,” Alake noted.
He also explained that, if Lagos were a country, it would rank as the fifth or sixth largest economy in Africa, underscoring its importance on a global scale.
A Hotbed for Innovation
Lagos' startup scene boasts a wide variety of technology-driven companies, with fintech leading the charge. Well-known names like Flutterwave and Opay are key players in the ecosystem. "Around 40% of Lagos startups operate in the fintech sector, while others focus on agri-tech, construction tech, and more," Alake said.
A combination of local talent, supportive government policies, and investor interest has helped the ecosystem thrive. The Lagos government has not only invested directly in startups but also worked to create a regulatory environment that fosters growth.
Alake pointed out the importance of getting involved in Lagos’s innovation sector early. “We have a dynamic talent pool, a very dynamic workforce, changing business models, and building tomorrow’s businesses,” he told investors at the meeting.
He further highlighted Lagos’ growing influence in AI, mentioning the recent launch of Nigeria’s first large language model, trained on local information to better address African-specific challenges. This innovation is seen as a key step toward positioning Lagos at the forefront of tech development across the continent.
GITEX Nigeria: A New Opportunity
Nigeria's expanding presence on the global tech stage will be further amplified by GITEX Nigeria, scheduled for September next year. The event is set to attract international investors and tech leaders, offering local startups a platform to showcase their innovations and access funding opportunities.
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Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre (DWTC), which co-organizes GITEX, pointed out that while Nigerian startups have attended the Dubai event for years, only a limited number could participate annually. GITEX Nigeria will broaden the scope, offering thousands of startups a chance to connect with global investors. “Through the event, Nigerian startups will gain access to capital and understand what the rest of the world is doing in tech,” LohMirmand said.
As Lagos continues to rise as a major tech hub, its ability to attract global attention and investment highlights its vital role in driving innovation not just in Nigeria, but across Africa.