Lagos State Governor, Mr. Babajide Sanwo-Olu has said that the State has attracted over $6 billion in direct foreign investment into its tech startup sector between 2019 and 2024. This milestone cements Nigeria’s position as Africa’s leading innovation hub and signals a new era of opportunity for global investors.
The Governor disclosed this while speaking at GITEX Nigeria. He noted that Lagos’ transformation is no longer aspirational, but a living reality. With hyperscale data centres, submarine cables, and a city-wide fibre connectivity grid, Lagos and in extension Nigeria is undergoing a digital revolution.
While maintaining that Lagos State has emerged as one of the world’s most vibrant tech ecosystems, he emphasised that Lagos now accounts for over 70% of Nigeria’s total tech inflows, and more than 70% of Africa’s unicorns have passed through the city. “We’re not just an economic powerhouse, we are Africa’s innovation capital,” he said.
He credited visionary leadership and long-term planning for this transformation, referencing the early adoption of Oracle database systems in Lagos two decades ago—an initiative led by then-Governor and current Presisdent of Nigeria Bola Ahmed Tinubu. “That foundation is still powering our systems today,” he noted.
The Governor spotlighted the Blue Line rail system, which marks its two-year anniversary this week. With over five million passengers served and zero downtime, the electric rail system is powered by the Cowry Card—a unified payment solution designed by young Lagosians aged 27 to 28.
“This card works across rail, waterways, buses, and taxis,” he said. “It’s a single settlement system, built by our youth, and it’s working beautifully.”
Sanwo-Olu stated that at the heart of Lagos’ transformation is a belief that governance must be digital, inclusive, and data-driven. Through the Lagos Digital Service Platform, citizens now access healthcare, transportation, and civic services with a single click.
He said, “We are building a government where policy decisions respond to real-time insights, a government where no Lagosian is left behind.”
While calling for collaboration among partners, the Governor reiterated that GITEX Nigeria has drawn global tech giants like Cisco, IBM, and MTN alongside African startups, creating a space for cross-border collaboration, adding that, “The future economy should not be dictated by geography,” it must be co-created through partnerships.”
He said “To support emerging talent, Lagos has maintained a Science and Research Fund for over six years, offering seed grants of ₦50–₦80 million to promising startups. Some of these startups have gone on to design the very exhibition spaces we’re standing in today.”
He acknowledged that not every startup will become a Flutterwave or an Andela, but emphasised the importance of encouragement and opportunity. “If you can dream it, you can build it, and you have a government that will support you.”
While inviting attendees to explore the Lagos Pavilion, showcasing innovations in smart mobility, health tech, green energy, and digital identity, the governor encouraged them to visit the Landmark startup showcase, where thousands of young innovators are presenting solutions that could shape Africa’s digital future.
Earlier, in his remarks Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, unveiled a bold vision for a digitally connected Nigeria. He noted that the ICT sector has grown from less than 5% to over 16% of GDP, with projections to reach 21% by 2027.
He said Nigeria is fast becoming one of the world’s most promising investment destinations in digital innovation and creative enterprise.
According to the Minister, Nigeria is a digitally connected nation, and globally competitive because it is powered by infrastructure, talent, and creativity. “Nigeria is not just a market, we are a major innovation and creative country. Lagos, in particular, is where the energy of Africa collides with the ambition of the future,” he said.
