Lagos Attracts 80% of Innovation Funding into Nigeria, Says Commissioner for Technology

Lagos attracts 80% of innovation funding into Nigeria! Lagos State Government is currently creating its version of the Nigeria Startup Act, known as the “Lagos Innovation Bill.”

The bill will be designed to include the provisions of the Startup Act to mirror the realities of running tech startups within the state.

Lagos Innovation Bill 

Olatubosun Alake, the state’s Commissioner for Science, Innovation, and Technology, spoke at a stakeholder engagement forum.

He discussed the proposed Lagos Innovation Bill, where he stated that Lagos State should receive 70% to 80% of all innovation funding in Nigeria. 

He emphasized the urgency needed to establish a strong policy framework that enables continuous innovation investment. Also, a framework that makes Lagos noticeable and drives it to the forefront of the digital revolution.

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He stated, “This is because it can encourage or discourage continuous innovation investment in the state. Today’s engagement is in line with driving an innovation policy framework.”

Lagos Innovation Bill To Promote Tech Funding Dominance in Lagos

The proposed bill is expected to solidify the state’s position as the innovation powerhouse of Nigeria and beyond. 

The Lagos Innovation Bill will follow a two-part technique. 

• First, it will localize the National Startup Act and tailor it to the unique needs and dynamics of Lagos State.

• Secondly, it will nurture startups and encourage innovation in large and small businesses. 

The bill aims to encourage innovation across different sectors, from startups to established corporations. It is one of the many attempts by the Lagos state government to improve the rate of digital growth in the state. 

The bill’s structural framework includes a research and innovation fund. Also, it comprises the registration of research and innovation institutions, tax, and fiscal incentives. Finally, it includes accelerators, incubators, and capacity development. This will interest large corporations to participate in the initiative. 

Conclusion 

The Commissioner emphasized that the bill’s inclusive nature is a strategic move to create a vibrant and interconnected innovation ecosystem. He elaborated that startups and established players can collaborate, learn from each other, and drive collective growth.

He explained, “Imagine a situation where a startup’s innovative solution is adopted and supported by a major corporation like MTN or Airtel. Or a situation where our universities are driving a thriving entrepreneurial culture.”

“Spinning off ten new companies each year, supported by the resources and mentorship of industry giants. This is the future we are working tirelessly to manifest through the Lagos Innovation Bill.”