Lagos topped the report’s “Rising Stars” category, outperforming other emerging markets including Istanbul, Pune, Mumbai, and Belo Horizonte. The city continues to expand rapidly, adding approximately 2,000 new residents each day, with its metropolitan population now exceeding 22 million.
According to the report, Lagos’s evolution into what residents describe as a “factory of unicorns” signifies more than impressive company valuations—it marks a fundamental transformation in how African technology companies engage with the global market.
Dealroom positioned Lagos within a wider African technology renaissance, identifying it alongside other “density leaders” such as Johannesburg, Cape Town, Nairobi, Dakar, Kampala, and Accra. These cities are recognized for their vibrant startup communities, strong innovation output relative to population size, and effective collaboration between universities and industry. Unlike certain African tech hubs that flourished despite limited government support, Lagos has actively cultivated its identity as a digital innovation center.