The Lagos startup ecosystem is valued at over $9 billion, according to Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake. Alake shares this information during Nigeria’s breakfast meeting with global investors at the ongoing GITEX Global tech expo in Dubai, United Arab Emirates.
Alake describes Lagos as Africa’s largest startup ecosystem, noting that the region houses over 2,000 tech startups, which play a key role in the continent’s innovation landscape. He emphasizes that if Lagos operates as an independent nation, its economy ranks among the top six in Africa. The Commissioner credits this growth to the dynamic business environment in Lagos, which contains about 80 to 90% of Nigeria’s startup ecosystem.
Alake highlights key players like Flutterwave and Opay, pointing out that approximately 40% of startups in Lagos are fintech companies, while other sectors such as agritech and construction tech also contribute. He adds that the Lagos government actively supports this ecosystem by investing in startups and improving regulations and policies to create a more business-friendly environment.
Alake also emphasizes Nigeria’s partnership with the Dubai World Trade Centre (DWTC) to promote Lagos’s startup scene globally. He urges investors to engage with Lagos’s fast-growing tech sector, mentioning its dynamic talent pool and innovations in areas like artificial intelligence, including the recent launch of Nigeria’s first large language model trained on local data.
Next year, Nigeria hosts the GITEX Nigeria tech event in collaboration with DWTC, offering Nigerian startups increased access to capital and opportunities to benchmark their innovations against global standards. DWTC Executive Vice President Trixie LohMirmand adds that this initiative expands opportunities for Nigeria’s 6,000+ startups.
