Lagos State Governor, Babajide Sanwo-Olu, has disclosed that his administration attracted over $6 billion in tech funding between 2019 and 2024, as the state now accounts for 80 per cent of Nigeria’s 2,000 active startups in tech ecosystem.
This comes as the Founder and Chief Executive Officer of Moniepoint, Tosin Eniolorunda, commended the co-founder of SAIL Empowerment Foundation, Senator Adetokunbo Abiru, on the SAIL Innovation Laboratory’s standard for strategically positioning young people for success in the global digital economy.
The governor, however, called for a deeper collaboration between the state government and the private sector in building a safer, smarter, greener megacity and a digital economy that creates jobs and prosperity.
Sanwo-Olu, who was represented by his deputy, Dr. Obafemi Hamzat, announced the $6 billion tech funding at ‘Art of Technology (AOT) Lagos 7.0,’ held in Victoria Island, reiterated his administration commitment to the investments and reforms necessary to keep Lagos at the forefront of global innovation.
The Governor, while stressing the state’s commitment to strengthening innovation through funding, talent development, and research, said, “Through the Lagos State Science, Research and Innovation Council (LASRIC), almost N2 billion has been invested in startups and research programs across sectors such as fintech, health tech, agritech, and climate technology.
“Lagos’ emergence as the fastest-rising innovation city in the world as referenced by Dealroom.Co is a testament to the bold collaborative agenda between private and public stakeholders within the Lagos ecosystem.
“With continuous investments in infrastructure and enablement programs, the Lagos State government seeks to increase the contribution of technology and innovation to the state’s GDP. We are strategically investing in future technologies that will shape a more sustainable and resilient city.
Sanwo-Olu further noted that the establishment of the Lagos State Cybersecurity Council, which is Nigeria’s first sub-national cybersecurity body, is designed to safeguard the state’s digital infrastructure as Lagos accelerates into an era defined by AI, IoT, e-governance, and smart city systems.
Earlier, the Commissioner for Innovation, Science and Technology, Tobosun Alake, reiterated the government’s commitment to strengthening the State’s innovation ecosystem as it unveiled major advancements in digital infrastructure, startup development, research funding, and smart-city technology.
Alake announced that “Lagos now accounts for 80 per cent of Nigeria’s 2,000 active startups, which have attracted more than $6 billion in tech funding between 2019 and 2024. The Lagos tech ecosystem, valued at $15.3 billion has continued to expand through public-private collaboration and deliberate government investment.”
Meanwhile, Eniolorunda, who commended Abiru during a courtesy visit to the iconic SAIL Innovation Lab in Ikorodu, at an interactive session, described the Lab as “world-class,” noting that both its facilities and faculty meet global standards.Eniolorunda, stressed that technology, digital skills, and innovation now represent the currency of today’s world, urging young Nigerians to take full advantage of the vast opportunities within the tech ecosystem.He highlighted the growing global demand for tech talents, encouraging the youths to remain focused, disciplined, and committed to continuous learning.According to him, Senator Abiru has provided one of the best platforms for young people in Lagos East to maximise their potential and compete favourably on the global stage.
“Leadership that invests in people, especially the youth, through technology and innovation is leadership for the future,” Eniolorunda said, describing Abiru as a remarkable leader whose example deserves emulation by other leaders.Responding, Abiru, representing Lagos East District, congratulated Eniolorunda on his outstanding achievements in the technology sector, particularly his success in building Moniepoint into a globally recognised unicorn.
