Lagos State’s booming tech startup scene has crossed the $9 billion valuation mark, further cementing its status as a premier hub for innovation in Africa. This revelation was made by the Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, during a high-profile breakfast meeting with global investors at the ongoing GITEX Global tech expo in Dubai.
Alake emphasized Lagos’ pivotal role in Africa’s tech ecosystem, noting that the state is home to over 2,000 startups, a dynamic force responsible for driving substantial technological advancements and shaping the state’s economy. “Lagos is at the forefront of a transformative wave in Africa. If we were a country, we would rank among the top five or six largest economies on the continent,” Alake stated confidently.
What sets Lagos apart is its unique combination of talent, investment, and supportive government policies, creating an environment where startups can thrive. According to Alake, 80-90% of Nigeria’s entire startup ecosystem is concentrated in Lagos, with fintechs taking the lead.
The state’s vibrant ecosystem, worth over $9 billion, is largely driven by fintech companies like Flutterwave and Opay, alongside a rising number of agritech and construction tech firms. Alake attributed this surge to the state’s dynamism and its proactive approach in fostering innovation.
Alake didn’t just highlight Lagos’ homegrown successes; he also shared the state’s collaborative efforts on the international stage. He pointed to Nigeria’s strategic partnership with the Dubai World Trade Centre (DWTC) as a key driver of global exposure for Lagos startups.
This partnership will culminate in the launch of GITEX Nigeria next year, bringing global investors to Lagos to witness the burgeoning innovation scene firsthand. Alake urged investors to take advantage of this early opportunity. “Get on board now before the train leaves the station. Lagos is evolving rapidly, with a talent pool that’s second to none, creating future-defining companies and technologies,” he said.
In a nod to Lagos’ ambition to stay at the cutting edge of global technology trends, Alake also unveiled recent developments in Artificial Intelligence (AI). “We now have Africa’s largest AI market, and Lagos recently launched Nigeria’s first large language model. This tool is trained on local data to provide solutions that are both Nigerian- and African-focused, allowing us to solve problems unique to our environment.”
As Nigeria gears up to host GITEX Nigeria 2025, Lagos remains in the spotlight as Africa’s most exciting tech destination, offering unrivaled opportunities for investment and innovation.
