Netherlands-based research firm Dealroom.co has named Lagos as the fastest-growing tech ecosystem globally in its newly released Global Tech Ecosystem Index 2025 report.
According to the report, Lagos has emerged as a prime destination for tech innovation, having produced five unicorns: Interswitch, Flutterwave, Jumia, OPay, and Moniepoint.
The city’s growing reputation as a hub for startups and innovation continues to attract attention on the global stage.
Ranked under the Rising Stars category, Dealroom.co emphasized Lagos’s significant growth in enterprise value despite its smaller economy.
“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.
Trailing Lagos in the rankings are Istanbul in Turkey and Pune in India, which secured second and third places, respectively. Other cities featured in the Rising Stars category include Belo Horizonte and Curitiba in Brazil, Mumbai in India, and Riyadh in Saudi Arabia.
Dealroom.co explained that the Rising Stars category focuses on high-growth, emerging tech ecosystems, adjusting for factors such as GDP per capita and cost of living. The analysis highlights a diverse mix of regions, including Africa, India, Türkiye, and Brazil.
Despite Lagos’s strong performance among emerging markets, Nigeria did not feature in the Global Champions category, which ranks the world’s most established startup ecosystems. This category is determined by absolute metrics like venture capital volume, enterprise value creation, the number of unicorns, and academic linkages.
Leading the Global Champions list is the Bay Area in the United States, followed by New York City and Boston. “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 noted.
Meanwhile, Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, attributed the city’s tech growth to its large population and pro-business policies.
The Commissioner noted that the government has taken targeted steps to support businesses, especially in underrepresented sectors. He shared, “We have a specific policy of helping businesses in areas we believe need development, like AI and robotics.”
Alake also highlighted the state’s role in connecting startups with government institutions. He explained that a dedicated team works to establish partnerships between businesses and agencies, particularly in areas like transportation, to drive innovation and infrastructure support.
