From the ashes have risen five unicorns. Technology companies valued at a billion dollars. The journey of a billion-dollar business started with a dream. An idea. A startup. All unicorns were startups once. For some startups, the dream died. The survivors are the unicorns. After the unicorns come decacorns. These are companies valued at 10 billion dollars. Lagos has produced five unicorns in nine years. Could it double in another five years? Or birth a decacorn? Or turn the unicorn into a hectocorn?
On The One Hand
This week, during the Fintex Show on Nigeria Info FM 99.3 with Femi Obong-Daniels and Niyi Adeosun, we asked the listeners to name the location of the fastest-growing tech city in the world. Many callers missed it. Some named Israel. A few got it right.
On The Other Hand
Why Lagos outclassed Istanbul in Turkey and Pune in India beats me. Of course, when I dug further I discovered that Lagos has something unique. Energetic and creative youth. Vibrant tech hubs. Vibrant ecosystem. For instance, about 80 tech hubs in Lagos offer co-working spaces for geeks. One of such exits is at a location near you. These hubs cater to the appetite of would-be unicorns: Young executives. Undergraduates. Graduates. All eking out a living, using tech as an elevator to touch the skyline.
In The Long Term
The 2017 report by Global Startup Ecosystem Report and Ranking produced by Startup Genome with the Global Entrepreneurship Network (GEN) estimated that the Lagos startup ecosystem to be about two billion dollars. Lagos has the highest rate of founders who have an undergraduate degree (50%). Others with a technical background (93%).
The footnote stated that Nigeria, with its 190 million population (in 2017), remains the biggest market and the one most likely to give birth to unicorns. In 2016, Jumia got the unicorn status. In 2019, Visa purchased a fifth of Interswitch at a valuation of one billion dollars. Flutterwave and Opay joined the club in 2021. Moniepoint moved into the clubhouse in 2024.
Fast forward to 2025. Dealroom.co – a foremost data provider on startups, growth companies, and tech ecosystems around the world – reported that Lagos is the fastest-growing tech ecosystem in the world for the year 2025. The Netherlands-based research firm said Lagos is number one. Istanbul in Turkey is number two. Pune in India is number three.
Dealroom also said in its Global Tech Ecosystem Index 2025 report that Lagos, in its almightiness, is home to five unicorns. Please, count them. Interswitch. Flutterwave. Jumia. Opay. Moniepoint. “This year, Lagos is topping the list, having created five unicorns and grown its ecosystem valuation 11.6x since 2017 despite having a smaller economy,” the report stated.
This status has made Lagos stand out as an appealing hub for new enterprises. Lagos is ranked under the ‘Rising Stars’ category of tech cities in the world. The company said Lagos and other cities in the category have given rise to a new generation of tech companies. The Rising Star lens unveiled the fastest-growing, emerging tech ecosystems. It emphasised growth in enterprise value. Unicorns. Adjusted for local GDP per capita. And the cost of living. The list highlighted a wide range of ecosystems from emerging markets such as Africa. India. Turkey. Brazil. Other cities in the ranking: Belo Horizonte’s Brazil. Mumbai’s India. Curitiba’s Brazil. Saudi
Arabia’s Riyadh. Congratulations to Governor Babajide Sanwo-Olu of Lagos State on this feat.
In The Short Term
Are you a unicorn? Or a unit of corn? Whatever your dream is, welcome to Lagos.
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