Lagos State has emerged as a major hub for technological innovation in Africa, attracting over $6 billion in direct foreign investment into its tech startup ecosystem between 2019 and 2024, Governor Babajide Sanwo-Olu has disclosed.
The milestone, he says, firmly establishes Lagos as “Africa’s innovation capital.”
Speaking at the inaugural GITEX Nigeria in Lagos, the Governor described the city as the central pulse of Africa’s technological future.
“We are not just an economic powerhouse, we are Africa’s innovation capital. With over 70 per cent of Nigeria’s tech inflows coming through Lagos, and more than 70 per cent of Africa’s unicorns having passed through this city, the evidence is clear,” Sanwo-Olu stated. “Lagos is no longer aspirational; it is a living reality of digital transformation.”
The Governor credited Lagos’ rise to long-term planning, citing digital reforms introduced two decades ago.
“When President Bola Ahmed Tinubu, as Governor, led the adoption of Oracle database systems in Lagos, some questioned why. Today, that foundation is still powering our systems. Visionary leadership makes all the difference,” he said.
Sanwo-Olu also highlighted the city’s advanced infrastructure, noting that Lagos has become a digital-first state with hyperscale data centres, submarine cables, and a city-wide fibre grid.
The Blue Line electric rail, he pointed out, has served five million passengers in just two years, powered by the Cowry Card, a product of young Lagosians’ ingenuity.
On governance, the Governor emphasized inclusivity, explaining, “With the Lagos Digital Service Platform, every Lagosian can access healthcare, transportation, and civic services with a single click. This is a government where no citizen is left behind.”
Reaffirming support for young innovators, he noted that Lagos’ Science and Research Fund provides ₦50–₦80 million in seed grants annually.
Echoing the city’s potential, Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, projected that the ICT sector’s contribution to GDP would rise from today’s 16–18 per cent to 21 per cent by 2027.
“Nigeria is not just a market; we are a creative powerhouse. Lagos, in particular, is where the energy of Africa collides with the ambition of the future,” Tijani said.
He added that Nollywood and Afrobeats are driving a creative economy projected to generate over $15 billion, supported by initiatives including a 90,000-km fibre backbone, the 3MTT skills programme, and landmark digital economy legislation.
Director-General of NITDA, Kashifu Inuwa, affirmed Nigeria’s global ambitions, declaring, “For too long, the future economy felt like science fiction. We were always at the receiving end of disruption. But today, in Lagos, that future is a tangible reality.”