Lagos' startup ecosystem has grown significantly, cementing its role as a top innovation hub in Africa. Driven by rising investments, tech adoption across key sectors, and stronger collaboration among stakeholders, the city continues to attract talent and funding, fueling entrepreneurship and digital progress across the region.
By October 2024, Lagos’s tech startup ecosystem hosted 2,000+ startups. In 2024, Nigerian startups raised over $400 million, reflecting strong investor confidence. The city’s economy grew to approximately $259 billion, cementing its position as Africa’s second-largest city by economy. Lagos’s services sector led economic activity, accounting for 91.57% of real GDP in Q2 2024, up from 90.29% in the previous quarter.
In early 2025, the Lagos Free Zone Company secured $50 million from the IFC to build Nigeria’s first deep-sea port. Through December 2024, the state disbursed $330,000 through LASRIC to support 40+ startups, driving innovation in sectors like EdTech. The Fintech sector in Lagos is experiencing rapid growth, with startups like Anchor, Moniepoint, and Brass reaching key milestones. Anchor alone processed over $1.1 million in transactions within a short period, highlighting strong sector momentum. Lagos’ food delivery sector is gaining investor traction, led by startups like Chowdeck and FoodCourt. It is projected to reach $2.4 billion in value over the next eight years.
In June 2025, Lagos hosted the Lagos Startup Expo 2.0, attracting thousands of global investors, founders, and policymakers. Featuring over 100 startups, the event boosted innovation and ecosystem collaboration.