Lagos State attracted more than $6 billion in direct foreign funding for tech startups between 2019 and 2024, according to Governor Babajide Sanwo-Olu.
The governor made this disclosure at the GITEX Nigeria 2025 conference held in Lagos on Wednesday, September 3, where he highlighted the state’s role as the heart of Africa’s innovation ecosystem.
Sanwo-Olu said Lagos accounted for over 70% of Nigeria’s total tech investment inflows during the period, noting that most of the continent’s unicorns trace their roots to the city. He described Lagos as Africa’s “innovation nerve center,” citing the rise of data centers, submarine cables, and expanded fibre connectivity as enablers of its digital growth.
“This is the essence of Lagos. A place where diversity is not just demographic. But an engine of creativity and resilience. This diversity fuels a startup ecosystem that is now among the most vibrant in the world. Between 2019 and 2024, we’ll see over 6 billion in direct foreign tech startup funding,” Sanwo-Olu stated.
He explained that the state government has deliberately supported innovation through policies, digital infrastructure, and funding opportunities. One such initiative is the design and research fund, which provides seed grants ranging from N50 million to N80 million for startups.
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The governor also emphasized Lagos’ commitment to digital governance, pointing to the Lagos Digital Service Platform, which enables citizens to access healthcare, transport, and civic registration services online.
He further highlighted the Cowry Card, designed by young Lagosians, which now serves more than 6.5 million residents across rail, road, ferry, and taxi services.
- Sanwo-Olu noted that the Blue Line rail system, which recently marked its second anniversary after carrying more than 5 million passengers, would offer a 50% fare reduction to commuters to celebrate the milestone.
- He said the project demonstrates how digital innovation extends beyond startups to improve mobility and everyday life for Lagosians.
- According to him, Lagos’ diversity where every Nigerian tribe is represented fuels the creativity and resilience behind its tech ecosystem. He added that international partners such as Cisco, IBM, and MTN, working alongside African startups, will play a central role in co-creating Africa’s digital future.
Sanwo-Olu maintained that Lagos is building a data-driven, inclusive, and innovation-led government, leveraging AI, STEM education, green energy, and EduTech to unlock opportunities for the next generation. He said events like GITEX Nigeria 2025 offer young innovators a global platform while reinforcing Lagos’ position as Africa’s economic and tech powerhouse.
