Lagos Attracts $6 Billion in Tech Startup Funding, Says Sanwo-Olu

Lagos State has drawn more than $6 billion in direct foreign investment for technology startups between 2019 and 2024, Governor Babajide Sanwo-Olu revealed on Wednesday at the GITEX Nigeria 2025 conference in Lagos.

Sanwo-Olu described Lagos as Africa’s “innovation nerve center,” noting that the state accounted for over 70% of Nigeria’s tech investment inflows within the five-year period. He stressed that many of the continent’s unicorns—startups valued at over $1 billion—trace their origins to the city.

“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,” he said.

State-Backed Support for Innovation

The governor highlighted deliberate policies, digital infrastructure, and funding programs as drivers of this growth. Among them is the design and research fund, which offers seed grants of N50 million to N80 million to early-stage startups.

He also pointed to the state’s digital governance efforts, including the Lagos Digital Service Platform, which provides residents with online access to healthcare, transport, and civic registration.

Innovation Beyond Startups

Sanwo-Olu noted that digital solutions are transforming daily life in Lagos. He cited the Cowry Card, a transport payment system created by young innovators, which now serves more than 6.5 million commuters across rail, road, ferry, and taxi networks.

He also referenced the Blue Line rail system, which recently celebrated its second anniversary after carrying over 5 million passengers. To mark the milestone, the state announced a 50% fare discount for commuters.

“These projects show that innovation is not limited to startups but also shapes mobility and daily living for Lagosians,” Sanwo-Olu said.

Global Collaboration

According to the governor, Lagos’ diverse population—where every Nigerian ethnic group is represented—fuels creativity and resilience in the tech ecosystem. He added that global firms such as Cisco, IBM, and MTN, working alongside African startups, will help co-create Africa’s digital future.

Sanwo-Olu reaffirmed Lagos’ commitment to building a data-driven, inclusive, and innovation-led economy, leveraging AI, STEM education, green energy, and EduTech to empower the next generation. He said gatherings like GITEX Nigeria 2025 give young innovators a global platform while consolidating Lagos’ status as Africa’s economic and technology powerhouse.