Lagos has been named the world’s fastest-growing tech ecosystem, topping the 2025 Dealroom Global Tech Ecosystem Index, which evaluates 288 tech hubs across 69 countries. The city surpassed emerging markets such as Istanbul, Mumbai, and São Paulo to claim the number-one spot in the “Rising Stars” category.
Lagos State Governor, Babajide Sanwo-Olu, hailed the recognition as the result of “years of focused effort” by the state government over the past seven years. According to Sanwo-Olu, the city’s tech ecosystem is now valued at $15.3 billion, reflecting an 11.6-fold increase in startup enterprise value since 2017.
As of October 2024, more than 2,000 startups operate in Lagos, representing 80–90% of Nigeria’s entire startup ecosystem. Twenty-three of Nigeria’s 28 fastest-growing companies, as recognised by the Financial Times, are based in the city.
The Dealroom report highlights that 38% of Lagosians shop online weekly, internet penetration stands at 72%, and mobile ownership has reached 94%.
The city adds roughly 2,000 new residents daily, with a metro population surpassing 22 million.
“Lagos’s rise as a ‘factory of unicorns’ reflects not just valuations, but a transformation in how African tech companies compete globally. What sets Lagos apart isn’t only the numbers, but the innovation culture driving growth”, the report notes.
