Lagos has been ranked the fastest-growing tech ecosystem in the world for 2025, according to the Global Tech Ecosystem Index 2025 report by Netherlands-based research firm Dealroom.co.
The city was recognized under the “Rising Stars” category, a designation given to emerging markets demonstrating exceptional growth in startup enterprise value and unicorn creation.
According to Dealroom.co, Lagos’s tech ecosystem has expanded 11.6 times in valuation since 2017, despite Nigeria’s broader economic challenges.
The city now boasts five unicorns—Interswitch, Flutterwave, Jumia, OPay, and Moniepoint—a feat unmatched by any other African city and surpassing many global counterparts.
“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.
The report also ranked Istanbul (Turkey) and Pune (India) as the second and third fastest-growing tech ecosystems globally, followed by Belo Horizonte and Curitiba in Brazil, Mumbai in India, and Riyadh in Saudi Arabia.
Tomi Davies, a prominent African angel investor and President of the African Business Angel Network (ABAN), described the ranking as a validation of years of grassroots innovation and resilience.
“This recognition confirms what we in the ecosystem have always known — Lagos is Africa’s Silicon Valley. It has the talent, market, and now, increasingly, the infrastructure to support global-scale tech,” Davies said.
Dr. Ifeoma Nwosu, a tech policy analyst at TechPol Africa, emphasized the role of digital infrastructure and government partnerships: “While the challenges in power and internet penetration persist, Lagos has made significant strides with innovation hubs, fintech regulations, and university partnerships that foster entrepreneurship,” she noted.
Lagos State Commissioner for Innovation and Digital Economy, Olatunbosun Alake, acknowledged the city’s global recognition and attributed it partly to deliberate government facilitation of public-private partnerships.
“We have a dedicated team that connects startups to the relevant MDAs [ministries, departments, and agencies]. Especially in transportation, e-commerce, and payments, we’ve worked to remove bottlenecks,” Alake said.
He added that initiatives like the Lagos Innovation Masterplan and startup support grants have helped scale indigenous solutions with international appeal.
Dealroom.co’s methodology for the “Rising Stars” category considered growth in startup enterprise value and unicorn count, adjusted for local GDP per capita and cost of living—giving cities like Lagos a more equitable comparative advantage.
This category showcased fast-emerging ecosystems from Africa, India, Türkiye, and Latin America, which are not yet global powerhouses but are quickly gaining momentum.
While Lagos leads the pack among rising stars, Nigeria did not feature in Dealroom’s Global Champions list—home to the world’s largest and most established tech ecosystems.
This top tier, based on absolute metrics such as venture capital volume and university linkages, was led by the Bay Area, followed by New York City, Boston, Paris, and London.