Lagos has emerged as a leading destination for global tech funding, drawing more than $6 billion in direct foreign investment between 2019 and 2024. Governor Babajide Sanwo-Olu disclosed the figures during the GITEX Nigeria 2025 conference in Lagos, where he reaffirmed the state’s place at the heart of Africa’s digital economy.
Sanwo-Olu said the city accounted for more than 70% of Nigeria’s tech investment inflows during the five-year period, noting that many of Africa’s unicorn startups trace their beginnings to Lagos. He described the state as Africa’s “innovation nerve centre,” citing submarine cables, new data centres, and expanding fibre networks as key drivers of digital growth.
“This is the essence of Lagos. A place where diversity is not just demographic but an engine of creativity and resilience. This diversity fuels a startup ecosystem that is now among the most vibrant in the world. Between 2019 and 2024, we’ll see over 6 billion in direct foreign tech startup funding,” Sanwo-Olu told participants.
Photo Credit : GITEX Nigeria 2025
Digital tools reshaping daily life
The governor emphasised that innovation in Lagos is not limited to startups. He highlighted the Lagos Digital Service Platform, which allows residents to access health, transport, and civic services online. He also pointed to the Cowry Card, a smart mobility solution designed by young Lagosians, which is now used by more than 6.5 million commuters across trains, ferries, buses, and taxis.
Sanwo-Olu further noted the Blue Line rail project, which recently celebrated its second anniversary after transporting over five million passengers. To mark the milestone, fares will be slashed by 50%, underscoring how technology is shaping mobility and improving everyday life in the city.
Photo Credit: GITEX Nigeria 2025
Building Africa’s innovation future
According to the governor, Lagos’ cultural mix, where every Nigerian tribe is represented, gives the state a unique edge. He added that global players such as Cisco, IBM, and MTN are collaborating with African startups to shape the continent’s digital future.
Sanwo-Olu stressed that Lagos is investing in artificial intelligence, STEM education, green energy, and EduTech to prepare the next generation for opportunities in the innovation economy. “We are building a data-driven, inclusive, and innovation-led government,” he said.
He concluded that platforms like GITEX Nigeria 2025 not only give young innovators international exposure but also reinforce Lagos’ role as Africa’s economic and technological powerhouse.
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