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Lagos State Governor, Babajide Sanwo-Olu
The Lagos State Government, in collaboration with the Dubai World Trade Centre, the organiser of GITEX Global, is seeking global investors to tap into the state’s burgeoning $9bn estimated startup ecosystem.
During discussions in Dubai, the United Arab Emirates capital, the Executive Vice President of DWTC, Trixie LohMirmand, met with the Lagos delegation led by Deputy Governor Obafemi Hamzat and the Commissioner for Innovation, Science, and Technology, Tunbosun Alake.
The talks focused on strategies to attract global investment as part of the build-up to GITEX Nigeria 2025, a tech-focused event expected to inject $25m into the Nigerian economy.
The technology chief addressed a gathering of global investors on Tuesday, said Lagos, and by extension, Nigeria, is poised to offer substantial investment support through effective regulations to those exploring opportunities at the inaugural event in September 2025.
“Lagos is an ecosystem filled with over 2,000 technology startups, valued at over $9bn. The dynamism within Lagos State has driven this remarkable growth,” Alake said.
He highlighted the presence of successful unicorns like Flutterwave and OPay within this vibrant ecosystem, noting that fintech companies represent approximately 40 per cent of the sector, followed closely by firms in agricultural and construction technology.
Alake underscored the importance of showcasing Lagos’ innovative spirit to international stakeholders.
“This collaboration with GITEX and the Dubai World Trade Centre offers a fantastic opportunity to present the exciting developments happening in Lagos,” he remarked.
He urged potential investors to engage with the city’s thriving ecosystem, characterised by a robust talent pool and innovative business models.
“It’s crucial to get on board before the opportunity passes, as we have a dynamic workforce reshaping business models and building the technology companies of tomorrow,” Alake added.
Notably, the 2024 Startup Index released in June ranked Lagos as the 70th city in the world, placing it among the top 100 cities with vibrant startup ecosystems.
According to the report by StartupBlink, a global startup research centre, Lagos is one of only two African cities in the global top 100, with Cairo being the other at 97th.
Looking ahead to GITEX Nigeria, which will take place in Lagos and Abuja, Alake expressed optimism, noting that partnerships with GITEX are vital for demonstrating the impressive growth achieved over the past four years.
“Across various sectors, we are witnessing transformative developments. The Lagos State government is committed to investing in diverse startups to foster innovation,” he stated.
Alake also pointed to the recent passage of the Startup Bill as a significant step toward creating a more favourable regulatory environment for entrepreneurs.
“We are working on an Innovation Bill that will not only establish a regulatory framework but also serve as an incentive package to empower technology companies and startups to leverage new policies for substantial growth,” he explained.
In conclusion, the commissioner invited stakeholders to join this thriving narrative, affirming that Lagos is dedicated to addressing challenges and creating new opportunities.
“Come and be part of the story. We are grateful to the Dubai World Trade Centre and all our partners for making GITEX Nigeria possible,” he said.
The DWTC Chief, LohMirmand, pinpointed the necessity of visiting Nigeria, citing it as the single largest AI market in Africa.
“For the startups that are in Nigeria, you will now have the opportunity to really access capital and benchmark against what the rest of the world is doing on a large scale. This is very vital in the age of AI,” she said.
Addressing the question of why Nigeria is now a focal point for GITEX, LohMirmand replied, “The time is now for Nigeria to really smash it globally as the AI powerhouse. You cannot develop large language models and algorithms without the context of Africa, and you cannot do it without Nigeria. This is why it is very significant for us.”
