The Lagos State Government, in collaboration with the Dubai World Trade Centre (DWTC), is actively seeking global investors to tap into its rapidly growing startup ecosystem, currently valued at an estimated $9 billion. This initiative is part of the preparations for the inaugural GITEX Nigeria 2025, a major tech event expected to contribute $25 million to the Nigerian economy.
During discussions in Dubai, the United Arab Emirates, DWTC Executive Vice President Trixie LohMirmand met with a Lagos delegation led by Deputy Governor Obafemi Hamzat and Commissioner for Innovation, Science, and Technology, Tunbosun Alake. The meeting aimed to outline strategies for attracting international investments to Lagos’ flourishing tech scene.
Addressing global investors, Alake emphasized Lagos’ potential, noting that the state is home to over 2,000 technology startups, including successful unicorns like Flutterwave and OPay. He highlighted that fintech startups dominate approximately 40% of the ecosystem, followed by companies in agricultural and construction technology.
“Lagos is an ecosystem filled with over 2,000 technology startups, valued at over $9bn. The dynamism within Lagos State has driven this remarkable growth,” Alake said, stressing the importance of showcasing the city’s innovation to international stakeholders.
LohMirmand described Nigeria as Africa’s largest AI market, highlighting the significance of integrating Africa’s context in global AI development. She added that GITEX Nigeria would offer local startups the opportunity to access capital and benchmark against global standards in the evolving AI space.
Lagos was recently ranked 70th in the 2024 Startup Index by StartupBlink, placing it among the top 100 global startup ecosystems. Alake expressed optimism about the future, pointing to initiatives like the recently passed Startup Bill and an upcoming Innovation Bill aimed at fostering a favorable environment for startups and investors.
“Come and be part of the story. We are grateful to the Dubai World Trade Centre and all our partners for making GITEX Nigeria possible,” Alake said, inviting stakeholders to join in the narrative of Lagos’ transformation into a global tech hub.
