Lagos State Governor, Babajide Sanwo-Olu, has revealed that his administration attracted over $6 billion in tech funding between 2019 and 2024, noting that Lagos now accounts for 80 per cent of Nigeria’s 2,000 active startups in the tech ecosystem. He said this achievement shows how the state has become a major driver of innovation and growth in Nigeria’s digital economy.
The Governor made this known at the seventh edition of Art of Technology (AOT) Lagos, held in Victoria Island. He was represented at the event by the Deputy Governor, Dr. Obafemi Hamzat, who explained that the government remains committed to reforms and investments that will keep Lagos ahead as a global innovation hub. Sanwo-Olu called for deeper collaboration between the state government and private sector players in building a safer, smarter, greener megacity that promotes digital jobs and inclusive prosperity.
While emphasising the state’s confidence in innovation, the Governor highlighted the role of the Lagos State Science, Research and Innovation Council (LASRIC). He noted that “almost N2 billion has been invested in startups and research programs across sectors such as fintech, health tech, agritech, and climate technology.” According to him, the council is part of a bigger plan to strengthen talent development, research capacity, and emerging technologies.
Sanwo-Olu stressed that Lagos has earned recognition from Dealroom.Co as the fastest rising innovation city in the world. He said this success is tied to “the bold collaborative agenda between private and public stakeholders within the Lagos ecosystem.” He added that the government will continue to invest in infrastructure and enabling programs that improve technology’s contribution to Lagos’ GDP. He also pointed out that the state is “strategically investing in future technologies that will shape a more sustainable and resilient city.”
In further remarks, the Governor explained that the creation of the Lagos State Cybersecurity Council, which is Nigeria’s first sub-national cybersecurity body, is designed to protect the state’s digital systems as Lagos moves deeper into artificial intelligence, Internet of Things, e-governance, and smart city operations.
Earlier in the event, the Commissioner for Innovation, Science and Technology, Tobosun Alake, restated the government’s commitment to grow the state’s innovation ecosystem. He highlighted new progress in digital infrastructure, startup development, smart city projects, and research funding. Alake announced that “Lagos now accounts for 80 per cent of Nigeria’s 2,000 active startups, which have attracted more than $6 billion in tech funding between 2019 and 2024. The Lagos tech ecosystem, valued at $15.3 billion has continued to expand through public-private collaboration and deliberate government investment.”
Meanwhile, the Founder and Chief Executive Officer of Moniepoint, Tosin Eniolorunda, visited the SAIL Innovation Lab in Ikorodu for an interactive session where he commended the co-founder and Senator representing Lagos East, Adetokunbo Abiru. Eniolorunda described the facility as “world-class,” saying its faculty and infrastructure meet global standards. He urged young Nigerians to embrace digital skills, describing technology and innovation as the currency of today’s world.
Eniolorunda encouraged youths to remain disciplined and committed to learning, noting that the global demand for tech talent continues to grow. According to him, Senator Abiru has provided one of the best platforms in Lagos East for young people to maximise their potential and thrive globally. He stated that “leadership that invests in people, especially the youth, through technology and innovation is leadership for the future,” praising Abiru as a leader whose example should be copied.
In his response, Senator Abiru congratulated Eniolorunda for his accomplishments in the technology sector, especially for transforming Moniepoint into a globally recognised unicorn.
