By Lagos, the pulsating heart of Africa, recently captivated the global technology community, asserting its position as a powerhouse of innovation at the GITEX Nigeria Tech Expo and Future Economy Conference and the GITEX Nigeria Startup Festival.
Hosted concurrently on at the Eko Hotel Convention Centre and Landmark Centre respectively, these landmark events heralded a new era for Nigeria’s digital aspirations, firmly placing Lagos, and indeed the entire nation, on the global innovation map.
The city, a vibrant tapestry of cultures and ambitions, buzzed with an electrifying energy as over 20,000 visitors, 3,000 tech professionals, and nearly 1,000 startups converged. It was, as described by the Lagos State Governor, Babajide Sanwo-Olu, “the commercial economic now centre of our country, the beating heart of Africa, the digital and becoming renters of our time”.
Lagos’s meteoric rise in the tech world is undeniable. Between 2019 and 2024, the state attracted over $6 billion in direct foreign tech startup funding, accounting for more than 70% of Nigeria’s total tech inflows. This massive investment underscores its appeal as Africa’s innovation capital and a launchpad for the continent’s future. The city is not merely growing; it’s burgeoning, adding approximately 2,000 new residents daily, making it one of the fastest-growing cities globally.
Lagos has earned its reputation as a “factory of unicorns”. Currently, it is home to five unicorns, including Flutterwave, Interswitch,Paystack, Kuda Bank, and Opay, propelling its ecosystem valuation to approximately $15 billion – a staggering 11.6 times increase since 2017. These companies, born from solving “real African challenges,” now compete on a global scale. The Commissioner for Innovation & Technology, Tubosun Alake, confirmed that by October 2024, 2,000 startups now call Lagos home, and in 2024 alone, Nigerian startups raised over $400 million. Furthermore, 23 of Nigeria’s 28 fastest-growing companies, as recognised by the Financial Times, are based in Lagos. This dynamism has led to Lagos being ranked the fastest emerging technology city in the world by deal.com earlier this year.
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani,further highlighted that Nigeria’s Information and Communication Technology (ICT) sector has become the country’s fastest-growing contributor to GDP, consistently contributing between 16-18% today, up from less than 5% a decade ago. He confidently projected this figure to reach 21-22% by 2027, already surpassing the oil and gas sector.
Regional Director at the International Finance Corporation (IFC), Dr. Dahlia Khalifa, described Lagos as “one of the most dynamic hubs of innovation in Africa and dare I say the world,” a place that “represents creativity, resilience and ambition and it delivers”. Indeed, the city hosts hyperscale data centres, submarine cables, and extensive fibre infrastructure.
