Lagos has been ranked the world’s fastest-growing tech ecosystem, overtaking cities including Istanbul, Mumbai and São Paulo, according to the 2025 Global Tech Ecosystem Index by Dealroom.co.
The report, which benchmarks 288 technology hubs across 69 countries, placed Nigeria’s commercial capital first in its “Rising Stars” category, ahead of emerging markets such as Pune and Belo Horizonte.
Reacting to the ranking, Lagos State Governor Babajide Sanwo-Olu described it as the result of years of “silent but focused hard work” by his administration.
According to the report, Lagos has recorded an 11.6-fold increase in startup enterprise value since 2017, with its tech ecosystem now valued at $15.3bn (£12bn). The city has produced five so-called “unicorns” — Interswitch, Flutterwave, Jumia, OPay and Moniepoint — with unicorn creation said to have tripled since 2019.
Mr Sanwo-Olu said that between 2019 and 2024, Lagos attracted more than $6bn in direct foreign technology investment, accounting for over 70% of Nigeria’s total tech inflows. As of October 2024, more than 2,000 startups were operating in the city, he added.
He also said Lagos accounts for between 80% and 90% of Nigeria’s startup activity, noting that 23 of the country’s 28 fastest-growing companies, as identified by the Financial Times, are based there.
The Dealroom report highlights strong consumer adoption of technology, stating that 38% of Lagos residents shop online weekly. Internet penetration in the city stands at 72%, while mobile phone ownership has reached 94%.
With an estimated metropolitan population exceeding 22 million and around 2,000 new residents arriving daily, Lagos is described in the report as a rapidly expanding urban centre reshaping Africa’s innovation landscape.
It characterises the city’s rise as more than a story of valuations, calling it a “fundamental shift” in how African technology firms compete globally. Unlike some other African ecosystems that developed with limited state backing, the report says Lagos has increasingly embraced its role as a digital hub.
Mr Sanwo-Olu said governance “must be digital, inclusive and data-driven”, pointing to innovations such as an integrated transport payment card now used by more than 6.5 million residents across rail, waterways, buses and taxis.
The report situates Lagos within what it describes as a broader African technology awakening, identifying Johannesburg, Cape Town, Nairobi, Dakar, Kampala and Accra as “density leaders” for innovation output per capita.
For the Lagos governor, the ranking marks what he calls a decisive moment.
“It represents a fundamental shift in where innovation happens, who builds it, and what problems matter,” he said.
