Lagos State has emerged as the world’s fastest-growing tech ecosystem in 2025, surpassing Istanbul, Mumbai, and São Paulo, according to the 2025 Dealroom Global Tech Ecosystem Index, which benchmarks 288 tech hubs across 69 countries.
The report placed Lagos at the top of the “Rising Stars” category, outpacing emerging markets such as Istanbul, Pune, Mumbai, and Belo Horizonte. Lagos adds roughly 2,000 new residents daily, with an estimated metro population exceeding 22 million.
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“Lagos’s transformation into what locals call a ‘factory of unicorns’ represents more than just valuations – it’s a fundamental shift in how African tech companies compete globally,” the report stated.
“What distinguishes Lagos from Silicon Valley or London isn’t just the numbers – it’s the DNA of how innovation happens,” it added.
The Dealroom report highlighted Lagos as part of a broader African tech awakening, alongside other “density leaders” including Johannesburg, Cape Town, Nairobi, Dakar, Kampala, and Accra, noted for strong startup scenes, innovation output per capita, and university-industry collaboration. Unlike some African tech hubs that developed despite government indifference, Lagos has increasingly embraced its role as a digital hub.
Reacting to the ranking on Sunday, Lagos State Governor Babajide Sanwo-Olu described it as the result of seven years of focused effort by the state government.
“Lagos has achieved an 11.6-fold increase in startup enterprise value since 2017, with its tech ecosystem now valued at $15.3 billion,” he said.
The city has produced five unicorns – Interswitch, Flutterwave, Jumia, OPay, and Moniepoint – with unicorn creation tripling since 2019. Between 2019 and 2024, Lagos attracted over $6 billion in direct foreign tech investment, accounting for more than 70% of Nigeria’s total tech inflows.
As of October 2024, more than 2,000 startups are based in Lagos, which accounts for 80–90% of Nigeria’s entire startup landscape. The Financial Times also recognises 23 of Nigeria’s 28 fastest-growing companies as Lagos-based.
The report notes that 38% of Lagos residents shop online weekly, internet penetration stands at 72%, and mobile ownership reaches 94%. Innovations such as the integrated transport payment card, developed by engineers in their 20s, now serve over 6.5 million Lagosians across rail, waterways, buses, and taxis.
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“Lagos’s crowning as the world’s fastest-growing tech ecosystem in 2025 marks more than a statistical achievement. It represents a fundamental shift in where innovation happens, who builds it, and what problems matter,” Sanwo-Olu said.