The Lagos tech startup ecosystem has been valued at over $9 billion, according to Tunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology. Alake made this statement during a breakfast meeting with global investors at the ongoing GITEX Global tech expo in Dubai, United Arab Emirates, on Tuesday.
Speaking to an audience of international investors and tech leaders, Alake described Lagos as the largest startup ecosystem in Africa. He noted that the state currently hosts more than 2,000 tech startups, positioning Lagos as a major innovation hub on the continent.
“If Lagos were a country, it would be the fifth or sixth largest economy in Africa,” Alake remarked. He went on to emphasize that 80 to 90% of Nigeria’s entire startup ecosystem is concentrated in Lagos, making the state a key player in the nation’s tech sector.
Key Players Driving Growth
Alake highlighted prominent companies such as Flutterwave, Opay, and several other fintech giants as central to Lagos’s thriving ecosystem. According to the Commissioner, fintech startups account for approximately 40% of the total tech companies in Lagos, followed closely by startups in agriculture, construction technology, and other sectors.
The Commissioner also acknowledged the efforts of the Lagos State government in supporting this booming ecosystem. He pointed out that the state has not only invested in various startups but has also enacted regulations and policies designed to encourage innovation and ease of doing business for emerging tech firms.
Nigeria’s Global Tech Ambitions
Alake’s address also touched on Nigeria’s partnership with the Dubai World Trade Centre (DWTC), the organizers of GITEX, to bring international attention to Lagos’s burgeoning tech scene. He underscored the importance of investors getting involved in the state’s tech sector, citing the immense talent pool and innovative business models that are transforming industries across Africa.
The Commissioner also mentioned Lagos’s leadership in artificial intelligence (AI), calling it the largest AI market in Africa. “Many companies are building and leveraging AI for various use cases,” he said. Alake further highlighted the recent launch of Nigeria’s first large language model, which is trained on Nigerian data to provide locally relevant solutions to the country’s unique challenges.
Looking Ahead: GITEX Nigeria 2025
In a forward-looking move, Nigeria will host GITEX Nigeria next year, an event set to attract global investors and tech innovators. Trixie LohMirmand, Executive Vice President of DWTC, noted that this event will provide an opportunity for Nigerian startups to showcase their innovations and gain access to the much-needed capital for growth.
“Nigerian startups have been coming to Dubai, but only a limited number of them make it each year,” LohMirmand explained. GITEX Nigeria aims to provide a platform for the country’s 6,000+ startups to connect with international markets and investors.
With the rapid development of Lagos’s tech ecosystem and its growing global recognition, the state is firmly establishing itself as the leading tech hub not only in Nigeria but across the African continent.
