Lagos Tech Startup Ecosystem Worth $9bn — Commissioner

The Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, has announced that the state’s tech startup ecosystem is now valued at over $9 billion.

Alake made this statement during Nigeria’s breakfast meeting with global investors at the ongoing GITEX Global tech expo in Dubai, United Arab Emirates.

He described Lagos as Africa’s largest startup ecosystem, with over 2,000 tech startups contributing to the state’s vibrant business environment.

Addressing investors and global tech leaders, Alake attributed Lagos’ rapid growth to its dynamic economic landscape, which has positioned the state 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 noted, adding, “We have an ecosystem filled with over 2,000 technology startups and worth in excess of $9 billion. This growth is driven by the dynamism that exists within Lagos.”

The Commissioner highlighted that 80 to 90 per cent of Nigeria’s tech startup ecosystem is concentrated in Lagos, making it a key player in the country’s technology sector.

He cited prominent startups like Flutterwave and Opay as part of Lagos’ thriving ecosystem, with 40 per cent of the startups focusing on fintech while other sectors represented include agricultural technology, construction tech among others.

The Commissioner also emphasised the Lagos State government’s ongoing support for the startup community through investment in startups and policies designed to foster growth.

In addition, Alake discussed leveraging Nigeria’s partnership with the Dubai World Trade Centre, organisers of GITEX, to showcase Lagos and Nigeria’s tech innovation to a global audience.

“We have a dynamic talent pool, a fast-evolving workforce, and innovative business models shaping tomorrow’s technology companies. Lagos also boasts the largest AI market in Africa, with many firms using AI for various applications,” he said.

He added that Lagos recently launched the first Nigerian large language model, designed to provide localised solutions for Nigerian and African challenges.