A new report by analytics firm Statisense has named Lagos the world’s fastest‑growing technology ecosystem among emerging markets. The announcement, shared yesterday on X, places Turkey’s Istanbul in second, with India’s Pune and Brazil’s Belo Horizonte rounding out the top four.
Statisense evaluated more than 60 cities using measures such as enterprise value, number of unicorns, funding growth, GDP per capita and cost of living. In 2024, Lagos‑based startups raised over $1.2 billion, accounting for 75 percent of all venture capital deployed in Nigeria, according to Governor Babajide Sanwo‑Olu.
Speaking at the Art of Technology Lagos 6.0 forum—this year’s theme “Artificial Intelligence and the Lagos Digital Economy”—Sanwo‑Olu credited deliberate policies and infrastructure investments for the city’s ascent. “We have built an environment where entrepreneurs can experiment, scale and attract global capital,” he said.
Following Lagos in the Statisense ranking are Mumbai and Curitiba in the top five, with Riyadh, Johannesburg, Chennai and Ho Chi Minh City completing the top ten. Other notable entrants include Kyiv, Mexico City and Bengaluru, reflecting a broad shift toward tech growth in Asia, Africa and Latin America.
Analysts point to several factors behind Lagos’s surge:
- Robust Funding: A year-on‑year jump in VC activity, driven by deals in fintech, healthtech and agritech.
- Talent Pool: Growing numbers of local graduates in software development and data science programs.
- Cost Advantage: Competitive living and operational expenses compared to rival hubs.
- Policy Support: State initiatives such as tax breaks and co‑working grants that reduce barriers for startups.
For entrepreneurs like Chinedu Eze, founder of mobile‑payments startup PayWave Africa, the recognition validates the city’s momentum. “Investors now view Lagos as a destination for scalable tech solutions,” Eze said. “It’s become easier to hire talent, secure pilot projects and expand regionally.”
With its first‑place ranking, Lagos cements its position at the forefront of Africa’s tech revolution, proving that with the right blend of policy, people and investment, the city can compete on the global stage. As capital pours in and new unicorns emerge, Lagos’s rise offers a blueprint for other cities aiming to ignite their own innovation economies.