Lagos Rakes In $6bn Tech Funds in 5 Years

Lagos State Governor, Babajide Sanwo-Olu, has revealed that the state attracted over $6 billion in tech funding between 2019 and 2024, solidifying its position as the hub of Nigeria’s digital innovation ecosystem.

The governor made the announcement at the Art of Technology (AOT) Lagos 7.0 conference in Victoria Island, where he noted that Lagos now accounts for 80 per cent of Nigeria’s 2,000 active startups, reflecting the city’s rising global prominence.

Represented by his deputy, Dr. Obafemi Hamzat, Sanwo-Olu said his administration remains committed to reforms and strategic investments that will keep Lagos at the forefront of innovation, while calling for deeper collaboration between government and the private sector.

He highlighted the state’s efforts to strengthen innovation through funding, talent development and research, adding that the Lagos State Science, Research and Innovation Council (LASRIC) has invested nearly N2 billion in startups and research across fintech, health tech, agritech and climate technology.

The governor also emphasised that Lagos’ recognition by Dealroom.Co as the fastest-growing innovation city globally is the result of strong public-private partnerships driving technological expansion and economic transformation.

“Lagos is deliberately investing in the future technologies that will shape a safer, smarter and more resilient megacity. With continuous investments in infrastructure and enablement programmes, we are working to significantly increase the contribution of technology and innovation to our GDP,” he said.

“Our establishment of Nigeria’s first sub-national Cybersecurity Council shows our commitment to safeguarding digital infrastructure as we move into an era defined by artificial intelligence, smart city systems, e-governance and the Internet of Things. Innovation without security is not sustainable, and Lagos is taking the lead,” he added.

Earlier, the Commissioner for Innovation, Science and Technology, Tokunbo Alake, reaffirmed the government’s commitment to expanding the innovation ecosystem, announcing that Lagos’ tech sector now valued at $15.3 billion—continues to grow through robust public-private collaboration and deliberate state investment.