Lagos attracts $6b tech fund — Sanwo-Olu

Digital economy’s GDP contribution to hit 21% by 2027 — Tijani

Nigeria ready to lead future economy — DG NITDA

By Juliet Umeh

Lagos State Governor, Mr. Babajide Sanwo-Olu, has revealed that the state attracted over $6 billion in direct foreign investment into its technology startup ecosystem between 2019 and 2024, a milestone he says cements Lagos as “Africa’s innovation capital.”

Speaking at the maiden edition of GITEX Nigeria in Lagos, Sanwo-Olu emphasised that Lagos is now the beating heart of Africa’s technology future.

He said: “We are not just an economic powerhouse, we are Africa’s innovation capital. With over 70 per cent of Nigeria’s tech inflows coming through Lagos, and more than 70 per cent of Africa’s unicorns having passed through this city, the evidence is clear.

“Lagos is no longer aspirational; it is a living reality of digital transformation.”

The Governor attributed the success to long-term planning, referencing early digital reforms initiated two decades ago.

Sanwo-Olu added, “When President Bola Ahmed Tinubu, as Governor, led the adoption of Oracle database systems in Lagos, some questioned why. Today, that foundation is still powering our systems. Visionary leadership makes all the difference.”

Highlighting infrastructure, he said Lagos has become a digital-first state with hyperscale data centres, submarine cables, and a city-wide fibre grid.

He cited the Blue Line electric rail, which has served five million passengers in two years, powered by the Cowry Card designed by young Lagosians.

On governance, he stressed inclusivity: “With the Lagos Digital Service Platform, every Lagosian can access healthcare, transportation, and civic services with a single click. This is a government where no citizen is left behind.”

The Governor reaffirmed support for young innovators, noting Lagos’ Science and Research Fund provides ₦50–₦80 million in seed grants annually.

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, projected that ICT’s share of GDP will rise from today’s 16–18 per cent to 21 per cent by 2027.

“Nigeria is not just a market; we are a creative powerhouse. Lagos, in particular, is where the energy of Africa collides with the ambition of the future,” Tijani said.

He added that Nollywood and Afrobeats are fueling a creative economy expected to generate over $15 billion, while the government is rolling out a 90,000-km fibre backbone, the 3MTT skills programme, and landmark digital economy legislation.

Director-General of NITDA, Kashifu Inuwa, declaredthat Nigeria is positioned to lead globally.

He said: “For too long, the future economy felt like science fiction. We were always at the receiving end of disruption. But today, in Lagos, that future is a tangible reality.”

The post Lagos attracts $6b tech fund — Sanwo-Olu appeared first on Vanguard News.