Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, has said that the tech startup ecosystem in the State is now worth over $9 billion.
Alake disclosed this on Tuesday during Nigeria’s breakfast meeting with global investors at the ongoing GITEX Global tech expo in Dubai, United Arab Emirates.
Describing Lagos as the largest startup ecosystem in Africa, the Commissioner said the State currently houses over 2,000 technology startups that are contributing to the vibrant business landscape.
Speaking to investors and global tech leaders, Alake highlighted the dynamic factors that have fueled Lagos’s growth, positioning it as a key innovation hub in the continent.
According to him, Lagos would be the fifth or sixth largest economy in Africa, if it were a country on its own.
“We have an ecosystem filled with over 2,000 technology startups and worth in excess of 9 billion dollars. And what has caused this particular phenomenon is the dynamism that exists in Lagos State.
“80 to 90% of Nigeria’s startup ecosystem is concentrated in Lagos, making it a pivotal player in the tech space,” the Commissioner stated.
Key players in the ecosystem
Alake told the investors that the Lagos startup ecosystem comprises the likes of Flutterwave, Opay, and many fintech companies.
- He noted that 40% of startups in the State are fintechs, followed by agricultural technology companies, construction tech companies, and many others.
- Highlighting the efforts of the State Government in nurturing the startup ecosystem, Alake said the government has been investing in different startups and also improving its regulations and policies to be friendlier to startups.
Nigeria’s partnership with DWTC
The Lagos Commissioner of the State would also be leveraging Nigeria’s partnership with the Dubai World Trade Centre (DWTC), the organisers of GITEX to bring the world to see what is going on in Lagos, and by extension, Nigeria.
“I think it is very important for you to get on the train before it leaves because we have a dynamic talent pool, a very dynamic workforce, changing business models, and building tomorrow’s businesses and technology companies.
We have the largest AI market in Africa; many companies are building and leveraging different use cases on AI.
“And a few months ago, we launched the first Nigerian large language model, which is being trained on Nigerian-based information so that the people solving problems in Nigeria are able to get specific solutions that are Nigerian-based and African-based,” the Commissioner told the investors.
What you should know
Nigeria will be hosting global investors and technology leaders in September next year through GITEX Nigeria, which is to be organized in partnership with the DWTC.
- According to the Executive Vice President of the Dubai World Trade Centre (DWTC), Trixie LohMirmand, the event is being brought to Nigeria some Nigerian startups and founders have been coming to Dubai to meet investors but only about 24 of them could make it each year while there are over 6,000 startups in the country.
- She added that through the event, Nigerian startups would have the opportunity to have access to capital and would be able to benchmark and understand what the rest of the world is doing in the technology space.
