Nigeria has emerged as the world leader in unicorn valuation, even as it placed 105th out of nearly 140 economies in the Global Innovation Index (GII) 2025, published by the World Intellectual Property Organisation (WIPO).

WIPO, a United Nations agency responsible for protecting and promoting innovation worldwide, released the report on Tuesday, highlighting Nigeria’s mixed performance. While the country did not make it into the top 100 on the overall index, it was identified as one of the fastest climbers in 2025 and ranked first globally in unicorn valuation, an indicator of the growing value of Nigerian start-ups.

Unicorns are privately-owned start-up companies valued at over $1 billion, but not listed on the stock exchange. According to WIPO, Nigeria’s ranking reflects increasing activity in high-tech imports and a stronger inflow of venture capital funding.

The report shows Sub-Saharan Africa making steady gains, with 10 economies in the region improving their rankings. Mauritius, at 53rd, remains the highest-ranked African country, followed by South Africa (61st), Seychelles (75th), Botswana (87th), and Senegal (89th). Namibia rose 11 places to 91st, recording the largest jump in the region, while Rwanda ranked 104th, one step ahead of Nigeria.

Mauritius recorded strength in venture capital investor activity, while South Africa maintained a strong showing in ICT services imports and global brand value. Namibia led globally in education spending and performed well in public–private research collaboration and foreign direct investment inflows. Senegal advanced three positions, supported by growth in unicorn valuation and wider access to microfinance.

Five Sub-Saharan African countries—Seychelles, Malawi (125th), Lesotho (132nd), Guinea (133rd), and Congo (137th)—entered the Global Innovation Index for the first time this year.

On the global scale, Switzerland, Sweden, the United States, the Republic of Korea, and Singapore took the top five positions. The United Kingdom, Finland, the Netherlands, Denmark, and China, which entered the top 10 for the first time, completed the leading group.

The GII 2025 used about 80 indicators, including research and development spending, venture capital deals, high-tech exports, and intellectual property filings, to assess national innovation performance.

Seventeen low- and middle-income economies were listed as performing above expectations for their development levels. India and Vietnam maintained their positions as long-standing innovation over-performers.

Since its creation in 2007, the Global Innovation Index has become a key resource for governments, business leaders, and policymakers in assessing innovation ecosystems and shaping strategies to improve competitiveness.