Dealroom, a Netherlands-based global provider of data and intelligence on start-ups and tech ecosystems, recognised Lagos as fastest-growing tech ecosystem for 2025.
This is a according to the company’s recently published Global Tech Ecosystem Index 2025.
288 cities in 69 countries were analysed for the report and the dataset starts with 208 cities that have at least one unicorn.
Additionally, it includes 80 cities which have at least >$100 million in funding and 50+ VC rounds since 2019.
According to the report, Lagos is home to five unicorns: Interswitch, Flutterwave, Jumia, OPay, and Moniepoint, bolstering the city's reputation as an appealing location for start-ups.
The Dealroom placed Lagos in the Rising Stars category, stating that it and other cities in the category are home to a new generation of technology companies.
The category consists of Lagos, Istanbul, Pune, Belo Horizonte, and Mumbai.
The Rising Stars category focuses on rapid growth in enterprise value and unicorn formation, taking into account local GDP per capita and living costs.
Commenting on the recognition of the Nigerian city, Etemore Glover, CEO of Impact Investors Foundation, said: “What sets Lagos apart is its ability to adapt quickly, develop locally relevant innovations, and scale despite systemic obstacles. This agility continues to propel the ecosystem forward, reinforcing the city's status as a leading hub for technology and entrepreneurship in Africa.”
She continued: “While Lagos shows impressive growth, several challenges threaten to hinder sustained progress. Infrastructure remains a major concern—frequent power outages, high cost of data and unreliable internet can slow operations and increase costs. Additionally, talent retention is becoming an issue with relocation driven by working conditions and remuneration.”
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