Lagos State attracted over $6 billion in foreign funding for tech startups between 2019 and 2024, Governor Babajide Sanwo-Olu said on Wednesday.

Speaking at the GITEX Nigeria 2025 conference in Lagos, Sanwo-Olu described the state as the “innovation nerve center” of Africa, noting it accounted for more than 70% of Nigeria’s tech investment inflows during the period.

He added that many of the continent’s unicorns originated in Lagos, crediting the city’s growth to new data centers, submarine cables, and expanded fibre infrastructure.

“This is the essence of Lagos. A place where diversity is not just demographic. But an engine of creativity and resilience. This diversity fuels a startup ecosystem that is now among the most vibrant in the world. Between 2019 and 2024, we’ll see over 6 billion in direct foreign tech startup funding,” Sanwo-Olu stated.

He said the state has deliberately backed innovation through policies, digital infrastructure, and funding schemes. He cited the Lagos Design and Research Fund, which offers startups seed grants of between ₦50 million and ₦80 million.

The governor also pointed to the Lagos Digital Service Platform, which gives citizens online access to healthcare, transport, and civic registration.

Sanwo-Olu highlighted the Cowry Card, developed by young innovators in the state, now used by more than 6.5 million residents across rail, road, ferry, and taxi services.

The governor noted that the Blue Line rail system, which recently marked its second anniversary after serving more than 5 million passengers, would offer a 50% fare cut to celebrate the milestone. He said the project reflects how digital innovation in Lagos extends beyond startups to enhance mobility and daily life.

He added that Lagos’ diversity, with every Nigerian tribe represented, drives the creativity and resilience powering its tech ecosystem.

He pointed to global partners such as Cisco, IBM, and MTN, working alongside African startups, as key players in shaping the continent’s digital future.