Lagos State has attracted more than ₦9.3 trillion ($6 billion) in technology startup funding between 2019 and 2024, positioning the city as Africa’s leading hub for innovation, Governor Babajide Sanwo-Olu says.
Sanwo-Olu made the announcement on Wednesday at the opening of GITEX Nigeria 2025 in Lagos, where he highlighted the state’s role as the epicentre of Africa’s digital and economic transformation.
“Under my leadership, Lagos has attracted over $6 billion in startup funding, established high-capacity data centres, expanded submarine cable infrastructure, and nurtured more than 70 percent of Africa’s unicorns with roots in the city,” the Governor says.
According to him, governance in Lagos is now “digital, inclusive, and data-driven, ensuring technology serves as a foundation for sustainable growth.”
He underscores the ingenuity of Lagos’ youth, citing innovations such as the locally-developed Cowry Card, which integrates rail, road, and waterway transport services into a seamless ticketing system.
According to him, governance in the State is now “digital, inclusive, and data-driven, ensuring technology serves as a foundation for sustainable growth.”
Lagos: Building blocks for a $1 trillion economy
Sanwo-Olu says his State is laying the groundwork for Nigeria’s ambition of becoming a $1 trillion economy by 2030.
“We are doing more than just showcasing technology; we are building partnerships, sparking innovation, and laying the groundwork for Nigeria’s goal of becoming a $1 trillion economy by 2030,” he notes.
Highlighting the state’s dynamic startup ecosystem, he points to its 23 fastest-growing companies. “Lagos is not just a city; it is a movement. With 23 of Nigeria’s fastest-growing companies, Lagos embodies a vibrant innovation ecosystem fuelled by supportive public policies, dynamic private enterprises, and a resilient startup culture.”
He says this environment creates opportunities for talent development, expansion of digital infrastructure, and strategic partnerships to drive economic transformation.
Sanwo-Olu also commends Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, for championing AI infrastructure and inclusive digital solutions that are reshaping Nigeria’s role in the global tech economy.
Minister: Nigeria’s tech sector powering growth
Speaking at the event, Dr. Bosun Tijani describes Lagos as Africa’s “undisputed innovation capital,” noting that 2,000 new residents migrate to the city every day, driving startups, creativity, and technological adoption.
Tijani says Nigeria has emerged as Africa’s largest telecoms market, with the ICT sector now contributing 16–20 percent of GDP, surpassing oil. He projects that the sector’s share of the economy will climb to 21 percent by 2027, with technology companies now dominating the Nigerian Stock Exchange.
“Technology must not only grow our GDP, it must drive inclusive prosperity for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda,” Tijani says.
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