The Consul General of France in Lagos, Laurent Favier, has revealed a monumental achievement for the French tech sector, announcing that French startups raised six billion euros in the first nine months of 2025.
He made this declaration on Monday in Lagos during the startup summit and pitch tournament organized by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI), a key event of the 2025 French Week.
A Decade of Explosive Growth for French Tech
Favier detailed the remarkable evolution of the French startup landscape. He stated that the ecosystem has grown from just three unicorns in 2017 to a projected 26 by the end of 2025. He credited this dynamism partly to the momentum initiated by President Emmanuel Macron, who was involved in technology policy before his presidency.
The six billion euros raised this year marks a tenfold increase compared to the figures from five years ago. Favier attributed this surge to a robust culture of innovation, substantial public and private investment, and a deep national commitment to technological sovereignty.
He also highlighted the recent announcement of the 2025 French Tech 2030 cohort, which features 80 companies pioneering strategic technologies in fields like Artificial Intelligence, cybersecurity, and quantum computing.
Nigeria Praised as Africa's Tech Powerhouse
Turning his attention to the host nation, the Consul General expressed deep admiration for the Nigerian tech scene. He identified Nigeria as one of Africa's "big four" tech powerhouses, alongside Kenya, Egypt, and South Africa.
"I must stress as well that I am very impressed by the entrepreneurial spirit in Nigeria, and especially among the youth," Favier said. He pointed out that Nigerian startups raised over $400 million last year, a feat he described as "amazing" and a testament to the country's unique "energy."
This mutual strength, he argued, makes a compelling case for collaboration. "So to me, it becomes obvious. We have two major powerhouses, one in Africa, one in Europe, and it makes sense to build bridges," Favier concluded.
African Innovation Reshaping Global Value Chains
This sentiment was echoed by other speakers at the event. Fiyinfolu Okedare, Director of Technology and Digital Consulting at Forvis Mazars, challenged the narrative that Africa is catching up to the world, asserting that the world is catching up to Africa.
Okedare revealed that African startups, which were once local ventures, now process over $100 billion in transactions annually and operate in more than 30 countries. He cited mobile money in Kenya, fintech in Nigeria, and agritech in Ghana as examples of local solutions that have become global platforms, leapfrogging traditional systems entirely.
He also emphasized the role of the African Continental Free Trade Area (AfCFTA) and improved digital infrastructure in creating new opportunities for cross-border commerce, positioning Africa as a competitive player in global supply chains. African innovation is not just participating in global value chains; it is actively reshaping them.
Muyiwa Matuluko, CEO of BusinessFront, added that Africa has proven its ability to lead in technology and innovation, though he noted that more work is needed on storytelling and perception for emerging startups.
The summit culminated in a pitch tournament where five startups—Betapawa, Runteller, Brydge, Scrub, and Optimus AI Labs—showcased their innovations. The event was won by Bryde startup, which offers technology-driven solutions for cross-border payments across Africa.
