The Lagos State tech startup ecosystem has experienced significant growth, now valued at over $9 billion, according to Tunbosun Alake, the Lagos State Commissioner for Innovation, Science, and Technology. Alake shared this impressive figure during a breakfast meeting in Dubai at the GITEX Global tech expo, where he reaffirmed Lagos’s position as Africa’s largest tech hub.
Home to more than 2,000 tech startups, Lagos is a center of innovation and business activity, making it a key driver of technological progress on the continent. Alake pointed out that if Lagos were considered an independent nation, it would rank among the top five or six economies in Africa, highlighting the economic impact of its robust tech ecosystem.
He attributed this surge in value to the dynamic environment of Lagos, noting that around 80% to 90% of Nigeria’s startup ecosystem is based in the state, underscoring its importance in the African technology landscape. Prominent fintech companies like Flutterwave and Opay are at the forefront of this industry, while sectors such as agri-tech and construction technology are also emerging.
Alake emphasized that fintech represents roughly 40% of Lagos’s startups, showcasing its dominance in the ecosystem. However, he noted that innovations in other sectors are also contributing significantly to the area’s growth. The Lagos State Government is playing a vital role in fostering these ventures by investing in startups and refining regulations to create a more favorable business climate.
The Commissioner also discussed Lagos’s evolving position on the global tech stage, leveraging Nigeria’s partnership with the Dubai World Trade Centre (DWTC), the organizers of GITEX, to attract international attention to the local ecosystem. He urged global investors to tap into Lagos’s talented workforce, which is instrumental in driving the future of technology in Africa.
Additionally, Lagos has emerged as the largest artificial intelligence (AI) market in Africa, with various companies exploring different AI applications. Earlier this year, the state launched Nigeria’s first large language model, designed to tackle specific challenges faced by the country.
In related news, Nigeria is set to host the GITEX conference in September 2025, in partnership with DWTC. Trixie LohMirmand, executive vice president of DWTC, emphasized that the event will offer Nigerian startups opportunities for capital access and global business insights. She highlighted the necessity of bringing more international attention to Nigeria, given that only a small portion of the country’s 6,000 startups has previously connected with global investors at the Dubai event.
While Lagos boasts a rich tech ecosystem and a supportive entrepreneurial culture, challenges such as infrastructure and regulatory hurdles remain. Addressing these issues will be essential for ensuring the long-term success of the region’s tech landscape.