Lagos State Governor, Mr. Babajide Sanwo-Olu, has revealed that the state attracted over $6 billion in direct foreign investment into its tech startup sector between 2019 and 2024, cementing its place as Africa’s leading innovation hub.
Speaking at the GITEX Nigeria technology exhibition in Lagos, Sanwo-Olu said Lagos now accounts for over 70 per cent of Nigeria’s tech inflows, while more than 70 per cent of Africa’s unicorns have emerged from the city.
“We’re not just an economic powerhouse, we are Africa’s innovation capital,” he declared.
The governor attributed this transformation to visionary leadership and long-term planning, recalling how Lagos adopted Oracle database systems two decades ago under then-Governor Bola Ahmed Tinubu, stating that, “That foundation is still powering our systems today.”
Sanwo-Olu highlighted key infrastructure driving the state’s digital revolution, including hyperscale data centres, submarine cables, and a fibre connectivity grid, and pointed to innovations such as the Cowry Card, developed by young Lagosians, which powers payments across the city’s rail, waterways, buses, and taxis.
At the heart of Lagos’ transformation, Sanwo-Olu noted, is a belief in digital and inclusive governance. “We are building a government where policy decisions respond to real-time insights, a government where no Lagosian is left behind,” he said.
The governor further stressed that Lagos has sustained a Science and Research Fund, offering startups between ₦50 and ₦80 million in grants, with some beneficiaries contributing to the exhibition itself.
While inviting attendees to explore the Lagos Pavilion showcasing innovations in health tech, mobility, and green energy, he reminded the world: “If you can dream it, you can build it, and you have a government that will support you.”
