May 24, 2025
…State govt. says N1bn set aside for startups grants
Lagos has been named the fastest-growing tech ecosystem in the world for Y2025 by Netherlands-based research firm Dealroom.co, ahead of Istanbul, Turkey and Pune, India.
The State government made the announcement in a statement on Saturday,
It said, the organisation, a foremost data provider on start-ups, growth companies, and tech ecosystems around the globe, broke the news in its Global Tech Ecosystem Index 2025 report, which has just been released.
According to the report, Lagos is home to five unicorns, comprising Interswitch, Flutterwave, Jumia, OPay, and Moniepoint, which makes the State stand out as an appealing hub for new enterprises.
Ranking Lagos under the ‘Rising Stars’ category of Tech Cities in the world, Dealroom.co said the State and other cities in the category have given rise to a new generation of tech companies.
“This year, Lagos (#1) is topping the list, having created five unicorns and grown its ecosystem valuation 11.6x since 2017 despite having a smaller economy,” the report stated.
Coming behind Lagos on the list, according to the report, are Turkey’s Istanbul and India’s Pune, who came second and third, respectively. Also listed are cities such as Belo Horizonte in Brazil, Mumbai in India, Curitiba, also in Brazil, and Saudi Arabia’s Riyadh.
Dealroom.co noted that the Rising Star lens showcases the fastest-growing, emerging tech ecosystems by emphasising growth in enterprise value and unicorns, adjusted for local GDP per capita and cost of living.
The list highlights a wide range of ecosystems from emerging markets such as Africa, India, Turkey, and Brazil.
The tech ecosystem has been expanding since Governor Babajide Sanwo-Olu mounted the saddle. The Lagos State Science Research and Innovation Council (LASRIC) has N1 billion from which startups can draw grants.
Information and Strategy Commissioner Gbenga Omotoso hailed the news.
He quoted Governor Babajide Sanwo-Olu as saying: “We are thrilled but not surprised because of the hard work that our youths are doing. We plan to make Lagos a big centre for tech experts. If Microsoft or Google and other giants are looking for good hands, there will be a big pool from which they can draw.”
“Thousands of our youths are busy at tech hubs, using technology to resolve everyday challenges. We will keep encouraging them,” Sanwo-Olu said.
Lagos keeps getting recognition. Time Out Magazine recently ranked the State as one of the three best African cities for Y2025.
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