Lagos State Governor Babajide Sanwo-Olu has disclosed that the state attracted more than $6 billion in foreign direct investment for tech startups between 2019 and 2024.
Sanwo-Olu made the announcement on Wednesday at the GITEX Nigeria 2025 Conference in Lagos, describing the state as Africa’s “innovation nerve centre.”
According to him, Lagos accounted for over 70% of Nigeria’s tech investment inflows during the period, with most African unicorns tracing their roots to the city.
“This is the essence of Lagos. A place where diversity fuels creativity and resilience. Between 2019 and 2024, we saw over $6 billion in direct foreign tech startup funding,” the governor said.
He attributed the success to state-led support through digital infrastructure, pro-innovation policies, and funding initiatives, including a research and design fund that provides startups with grants ranging from ₦50 million to ₦80 million.
Sanwo-Olu also highlighted Lagos’ digital governance initiatives, such as the Lagos Digital Service Platform, which enables residents to access healthcare, transport, and civic services online, and the Cowry Card, now used by more than 6.5 million residents across multiple transport modes.
Marking the second anniversary of the Blue Line Rail System, he announced a 50% fare reduction for commuters to celebrate the milestone, noting that more than 5 million passengers had used the system so far.
Sanwo-Olu emphasised that Lagos was committed to building a data-driven, AI-enabled, and inclusive digital economy, with support from global tech giants such as Cisco, IBM, and MTN.
