Business
Lagos innovation, tech ecosystem valued at $15.3b
The Lagos State Commissioner for Innovation, Science and Technology, Mr. Olatunbosun Alake, yesterday, said the innovation and technology ecosystem in the state is currently valued at about $15.3 billion.
He said, for instance that Lagos State accounts for 80 – 90 per cent of the almost 2, 000 tech startups recorded between 2024 and 2025, making Lagos, the Centre of Excellence, the largest startup concentration in Africa.
Speaking in Lagos, yesterday, during the unveiling of the 7th edition of the Art of Technology (AOT 7.0) Lagos, with the theme, ‘Future Technologies and a Sustainable Lagos,’ the Commissioner also said between 2019 and 2024, Lagos-based tech startups attracted about $6 billion in funding.
Alake said the over $6 billion in funding represented more than 70 per cent of Nigeria’s total tech investment, cementing Lagos as a state experiencing a renaissance in the Information Technology (IT) and innovation space in the past couple of years.
Held at Landmark Event Centre, Lagos, AOT Lagos 7.0 is a convergence point for innovators, creators, and visionaries; a dynamic space where ideas are co=created, and the future is shaped.
Alake explained that AOT Lagos is a platform to bring together all the stakeholders in the innovation and technology ecosystem, including founders, developers, entrepreneurs, tech enthusiasts, policymakers, inventors, financiers, government officials etc.
The Commissioner said AOT Lagos has over the past six years become the benchmark for technology-led innovation in the state, bringing together government, industry leaders, investors, and innovators to shape a smarter, more competitive Lagos.
He stated that each edition of the platform explored a rich array of diverse topics. “From unveiling the Lagos Innovation and Technology Master Plan at AOT 1.0 to exploring the impact of Artificial Intelligence at AOT 6.0, the conference has consistently advanced Lagos’ digital transformation agenda,” he said.
He said while AOT 2.0 launched Startup Lagos and Eko OpenSource, strengthening private sector collaboration and providing vital insights into the local tech ecosystem, AOT 3.0 focused on improving the investment climate by addressing funding gaps and enabling policies to attract global technology capital.
AOT 4.0 rolled out the Talent Acceleration Masterplan to expand the pool of skilled tech talent needed to power Lagos’s digital economy; the fifth edition of the conference was on “The Creative Economy and a Digital Lagos,” celebrating innovators and ecosystem contributors through the AOT Ecosystem Awards and showcasing the fusion of creativity and technology.
The Commissioner, however, explained that AOT Lagos 7.0: Future Technologies and a Sustainable Lagos will examine how emerging technologies such as AI, blockchain, IoT, smart mobility and clean energy can drive a sustainable, climate-resilient Lagos.
“Aligned with ongoing climate and innovation commitments, AOT 7.0 will explore solutions including smart grids, digital infrastructure and data-driven urban planning to accelerate inclusive growth and ensure the city’s rapid innovation supports long-term sustainability,” he stated.
Deputy Governor of Lagos State, Dr. Kadri Obafemi Hamzat, said the theme of this year’s Art of Technology Conference “speaks directly to the State Government’s mission of building a mega-city that is digital, resilient, inclusive, and globally competitive.”
He said Lagos has been adjudged as the fastest-rising innovation center on the planet, describing the feat as “a testament to the bold collaborative agenda between private and public stakeholders within the ecosystem.”
The Deputy Governor, however, said with continuous investment in infrastructure and enablement programmes, the Lagos State Government seeks to increase the contribution of technology and innovation to the state’s Gross Domestic Product (GDP).
The Lagos State Government is seeking a 100 per cent increase in the share of IT and innovation’s contribution to the state’s economy by 2030. “We want to increase the share of Lagos’ economy today that IT serves by 100 per cent,” Alake said.
Dr. Hamzat confirmed this much, noting that “the state is making deliberate, measurable, and bold investments to strengthen its digital path. According to him, “we see technology not just as an enabler; we see it as the foundation for sustainable growth, efficient governance, and a resilient future.”
He said as part of accelerating the innovation ecosystem, funding talents, and research, the State Government, through the Lagos State Science, Research, and Innovation Council, has committed almost N2 billion to food innovators, researchers, and startups.
According to him, more than 75 startups across fintech, agritech, construction tech, air tech, and climate tech, have received various supports and grants. “Lagos is now the number one sovereign funder of research and development in our country. This pipeline of ideas and talent is the engine of our long-term competitiveness,” Dr. Hamzat stated.
He also announced that the Lagos Innovation Bill, a pioneering legislative framework designed to be the most transformative innovation law on our continent, has reached an advanced stage.
When passed into law, the Deputy Governor said it will institutionalize innovation as a core part of the social economy strategy of Lagos State. “It will strengthen intellectual property protection, expand access to funding for startups and researchers, deepen collaboration among governments, academia, industry, and innovators,” he added.
He further stated that the law will provide a stable, forward-looking foundation for the next decade of technology growth.
One of the major highlights of this year’s AOT Lagos was a Fireside Chat featuring the State Commissioner for Innovation, Alake, and Sara Sabry, the first African woman astronaut, engineer, entrepreneur, and influential advocate for expanding global access to space and science.
Sara, who is CEO & Founder, Deep Space Initiative (DSI), made history as the first Egyptian astronaut and the first Arab and African woman to travel to space, emerging from a competitive pool of over 4,000 applicants through the world’s first Citizen Astronaut Program by Space for Humanity.
There were also breakout sessions, visit of exhibition pavilions as well as the Gala Night Awards, a grand celebration of ingenuity, excellence, and transformative technology.
