Lagos has been recognized as the world’s fastest-growing tech ecosystem in 2025 by Dealroom.co, boasting five unicorns and significant growth, placing it ahead of Istanbul and Pune

Lagos has been officially recognized as the world’s fastest-growing tech ecosystem for 2025, according to a new report by Netherlands-based research firm Dealroom.co.

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The Nigerian megacity surpassed Istanbul, Turkey, and Pune, India, to claim the top spot in the firm’s Global Tech Ecosystem Index 2025.

Dealroom.co, a leading data provider on startups, growth companies, and tech ecosystems worldwide, unveiled the significant findings in its recently released report.

The report highlights Lagos as a compelling hub for new enterprises, primarily due to its status as home to five “unicorns”—privately held startup companies valued at over $1 billion.

These include prominent names such as Interswitch, Flutterwave, Jumia, OPay, and Moniepoint.

Lagos was prominently ranked under the ‘Rising Stars’ category of Tech Cities globally. Dealroom.co noted that Lagos, along with other cities in this category, has “given rise to a new generation of tech companies.”

The report specifically stated, “This year, Lagos (#1) is topping the list, having created five unicorns and grown its ecosystem valuation 11.6x since 2017 despite having a smaller economy.”

Following Lagos on the list are Istanbul, Turkey, in second place, and Pune, India, in third. Other cities listed among the rising stars include Belo Horizonte and Curitiba in Brazil, and Riyadh in Saudi Arabia.

This year, Lagos (#1) is topping the list, having created five unicorns and grown its ecosystem valuation 11.6x since 2017 despite having a smaller economy.

Dealroom.co elaborated that the ‘Rising Star’ lens assesses the fastest-growing, emerging tech ecosystems by emphasizing growth in enterprise value and the creation of unicorns, adjusted for local GDP per capita and cost of living.

This methodology specifically highlights diverse ecosystems from emerging markets across Africa, India, Turkey, and Brazil.

The tech ecosystem in Lagos has seen significant expansion under the administration of Governor Babajide Sanwo-Olu.

The Lagos State Science Research and Innovation Council (LASRIC) has established a N1 billion fund from which startups can draw grants, further fostering innovation.

Reacting to the news, Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, expressed the state’s excitement.

He quoted Governor Babajide Sanwo-Olu, who stated: “We are thrilled but not surprised because of the hard work that our youths are doing.

We plan to make Lagos a big centre for tech experts. If Microsoft or Google and other giants are looking for good hands, there will be a big pool from which they can draw.”

Governor Sanwo-Olu further emphasized the state’s commitment, adding, “Thousands of our youths are busy at tech hubs, using technology to resolve everyday challenges. We will keep encouraging them.”

This latest recognition adds to Lagos’s growing international acclaim, following Time Out Magazine recently ranking the city as one of the three best African cities for 2025.