Netherlands-based research firm Dealroom.co has named Lagos as the fastest-growing tech ecosystem in the world for 2025.
The organization disclosed this in its Global Tech Ecosystem Index 2025 report, just released.
According to the report, Lagos as home to 5 unicorns: Interswitch, Flutterwave, Jumia, OPay, and Moniepoint, stands out as an appealing hub for new enterprises.
Ranked under the ‘Rising Stars’ category of tech cities, Dealroom.co said Lagos and other cities in the category are giving rise to a new generation of tech companies.
“This year, Lagos (#1) is topping the list, having created 5 unicorns and grown its ecosystem valuation 11.6x since 2017 despite a smaller economy,” the report stated.
Other top cities
Coming behind Lagos as the number two fastest-growing tech city is Turkey’s Istanbul, followed by India’s Pune, which came third.
- Also on the list are cities such as Belo Horizonte in Brazil, Mumbai in India, Curitiba, also in Brazil, and Saudi Arabia’s Riyadh.
- Dealroom.co noted that the Rising Star lens showcases the fastest-growing, emerging tech ecosystems by emphasizing growth in enterprise value and unicorns, adjusted for local GDP per capita and cost of living.
- The list highlights a wide range of ecosystems from emerging markets such as Africa, India, Türkiye, and Brazil.
Global Champions
While Lagos holds the ace for Nigeria in terms of fastest-growing cities, the country is conspicuously missing in the Global Champions category, which comprises the worldʼs biggest and most established startup ecosystems.
Countries in this category were ranked by absolute metrics such as venture capital, enterprise value creation, unicorns, and university linkages.
Top on the list of Global Champions is Bay Area, followed by New York City, and Boston, all cities in the United States.
“While the Bay Area (#1) is still the undisputed champion, newer hubs such as Austin (#5), Tel Aviv (#10), or Stockholm (#15) have started to build substantial ecosystems. Paris (#4) is the top hub in Europe, followed by London (#6),” Dealroom.co stated.
What you should know
In a recent post, Lagos State Commissioner for Innovation, Science, Tunbosun Alake, highlighted the state’s large population and business-friendly environment as factors driving the tech ecosystem in Lagos.
- The Commissioner explained that Lagos has taken deliberate steps to assist businesses in underserved areas.
- He cited an example of an artificial intelligence and robotics company that the state actively supported, saying, “We have a specific policy of helping businesses in areas we believe need development, like AI and robotics.”
Lagos has also been instrumental in connecting businesses with government agencies. Alake noted that the state has a dedicated team that facilitates partnerships between companies and relevant government bodies, particularly in sectors like transportation.
