Foreign Investors Bet Big on Lagos as Africa’s Innovation Powerhouse
Lagos is fast emerging as Africa’s leading innovation hub, with foreign investors doubling down on the city’s growing reputation as a fertile ground for startups, digital infrastructure, and entrepreneurial resilience. At the recently concluded GITEX Nigeria 2025, investors, policymakers, and global tech leaders spotlighted Lagos as the heart of Africa’s digital future, despite challenges such as unstable power supply and currency fluctuations.
Speaking at the event, Trixie LohMirmand, CEO of KAOUN International, described Lagos as a “mega high-speed technology testbed” where entrepreneurs thrive by necessity-driven innovation. She noted that companies that succeed in Lagos can scale globally because they are tested in one of the most demanding markets. The four-day conference, hosted across Abuja and Lagos, drew investors and executives from around the world, reinforcing confidence in Nigeria’s digital economy.
The International Finance Corporation (IFC) also signaled stronger commitment to Nigeria after investing over $6 billion in Africa’s digital infrastructure in the past decade. Highlighting projects such as the IFC-backed Rack Centre, IFC’s Regional Director Dahlia Khalifa stressed that reliable broadband, robust data centres, and modern infrastructure are key to unlocking Africa’s tech potential. Between 2019 and 2024, Lagos itself attracted more than $6 billion in foreign tech funding, representing over 70% of Nigeria’s total inflows.
At the Lagos opening, Governor Babajide Sanwo-Olu positioned the city as “Africa’s innovation nerve centre,” pledging to build a data-driven government that leverages real-time insights and inclusive digital policies. Echoing this, Communications Minister Bosun Tijani emphasized that technology must drive productivity and sector-wide transformation, aligning with President Tinubu’s Renewed Hope agenda for reducing inequality and creating prosperity through digital inclusion.
Industry leaders including NITDA’s Kashifu Abdullahi hailed Lagos as a “factory of unicorns,” citing the resilience of entrepreneurs who innovate despite limited infrastructure. Supported by partners such as AWS, Cisco, IFC, and Kaspersky, GITEX Nigeria showcased Lagos not only as Nigeria’s commercial capital but also as a launchpad for Africa’s digital future, where startups, talent, and investment continue to converge.
Source: Punch