Nigeria

Lagos

#61-70

Emerging Startup Ecosystem

TOP 15

Global Ecosystem in Affordable Talent

Sub-Saharan African Ecosystem in Funding

Sub-Saharan Africa Ecosystem in Performance

Lagos’ startup ecosystem is a powerhouse of ambition and ingenuity, fueled by a dynamic youth population, strong fintech leadership, and a growing investor base transforming Africa’s largest economy from within.

Highlights

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.

Ecosystem by the Numbers

ECOSYSTEM VALUE

(H2 2022 - 2024)

$9.8 BN

GLOBAL AVG. $20.4 bn

NUMBER OF UNICORNS

(ACTIVE UNICORNS)

GLOBAL AVG. 4

SOFT. ENGINEER SALARY

(2024)

$7.5 K

GLOBAL AVG. $52 K

TIME TO EXIT

(2020 - 2024)

6.9 YEARS

GLOBAL AVG. 11.2 years

TOTAL EARLY–STAGE FUNDING

(H2 2022 - 2024)

$329 M

GLOBAL AVG. $514.8 m

MEDIAN SEED ROUND

(H2 2022 - 2024)

$475 K

GLOBAL AVG. $889 k

EARLY-STAGE FUNDING
GROWTH

(2021 - 22 VS. 2023 - 24)

Scale of 1 (lowest) to 10 (highest)

EXIT AMOUNT

(2020 - 2024)

$446 M

GLOBAL AVG. $8 bn

ECOSYSTEM VALUE GROWTH

(H2 2020 - H2 2022 VS H2 2022 - H2 2024)

-5%

GLOBAL AVG. -14%

MEDIAN SERIES A ROUND

(H2 2022 – 2024)

$16.3 M

GLOBAL AVG. $6.8 m

TOTAL VC FUNDING

(2020 - 2024)

$3 BN

GLOBAL AVG. $5.2 bn

EXIT COUNT (#)

(2020 - 2024)

2020

2021

2022

2023

2024

GLOBAL AVG. 86

Sub-Sector Strengths

Fintech

In July 2024, the United Nations Development Program launched the Timbuktoo Fintech hub in Lagos as part of a $1 billion initiative to boost startups across Africa and make Lagos a top Fintech hub on the continent. In August 2024, Ecobank held its first Fintech Challenge in Lagos, drawing 1,550 applicants from 70 countries to compete for $50,000 to support Fintech innovations. In October 2024, Fintech Moniepoint Inc. became Africa's eighth unicorn after raising $110 million in Series C funding.

Proptech

The November 2024 WAPI summit in Lagos spotlighted Proptech's growing impact on Nigeria's real estate, highlighting its potential to boost investment, increase liquidity, and enhance home ownership. In April 2024, Proptech startup SmallSmall partnered with The Elevation Church to swiftly resettle families displaced by demolitions in Jakande Lekki, providing housing and covering related costs. In October 2024, Gate Africa launched an innovative estate management platform to enhance security and streamline operations in gated communities.

Edtech

In November 2024, the Lagos State Government launched the Eko Digital Skills Initiative - a free, week-long program to equip youths with essential digital skills, targeting over 5,000 beneficiaries by 2030. Completed in November 2024, Job Initiative Lagos trained 500+ students from state-owned schools in business, tech, and entrepreneurship, supporting the state's push to become Africa’s leading tech hub. In August 2024, Lagos-based ALX was named Most Innovative Edtech Company at the Titans of Tech Awards, highlighting its impact on tech education across Africa.

Reasons to Move Your Startup to Lagos

Tax Incentives

In October 2024, Lagos State unveiled the Innovation Bill, promising tax incentives and support to ease startup challenges in registration, incorporation, and patent access. Commissioner Tunbosun Alake said the bill aims to streamline processes and boost the tech startup environment. Lagos State, through its Ministry of Commerce, Trade, and Industry, is developing an Ease of Doing Business Policy to support startups with incorporation, registration, tax benefits, and access to government contracts.

Dedicated Support

In October 2024, the Lagos State Government partnered with the Dubai World Trade Centre to attract global investors to its $9 billion startup ecosystem ahead of GITEX Nigeria 2025, a tech event expected to inject $25 million into the economy. Lagos hosts over 2,000 startups, with Fintech leading at 40%, followed by Ggtech and Construction Tech.

Young, Tech-savvy Talent

In August 2024, during International Youth Day, Governor Sanwo-Olu awarded about $7,000 in grants to young entrepreneurs, with the top finalist receiving roughly $1,750, highlighting Lagos’s push to empower young innovators. In September 2024, the fifth DigiGap Program trained 500 young Lagosians in digital skills like Product Design and Digital Marketing, preparing them for the global tech economy.

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If you are interested in working with us to drive global attention to your ecosystem, please get in touch with Marina Krizman, Director of Business Development.

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