Between 70 per cent and 80 per cent of innovation funding into Nigeria is invested in Lagos state. This was disclosed by the state’s Commissioner for Innovation, Science and Technology, Olatubosun Alake during a stakeholder engagement forum to deliberate on the proposed Lagos Innovation Bill.
Mr Alake, speaking at the event held at the Eko Innovation Centre, emphasized the important role of Lagos State in driving innovation investment in Nigeria and indeed, Africa, noting that approximately 70 to 80 per cent of innovation funding flows into the state. He stressed the urgency of establishing a robust policy framework that encourages continuous innovation investment and drives Lagos to the forefront of the digital revolution.
“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,” he said.
The Commissioner said the proposed legislation is expected to cement the state’s position as the innovation powerhouse of Nigeria and beyond. He also inundated all present with some of the initiatives of the Ministry, as well as projects aimed at driving Lagos to the forefront of the digital revolution.
The Lagos Innovation Bill
The Lagos Innovation Bill is a proposed statute through which the state government could implement policies that would improve the development of technology in the state. If passed into law, the bill would fuel the creation of incentive packages for technology companies registered in the state which would enable them to grow and to drive the growth and development of technology in the state.
Expatiating more on the Lagos Innovation Bill, the Commissioner for Science, Innovation and Technology, Olatunbosun Alake, said the proposed Lagos Innovation Policy will spur economic renaissance and corporate-startup synergies, among other benefits.
“The Lagos Innovation Bill is a two-pronged approach. Firstly, it localizes the federal government’s Startup Act, tailoring it to the unique needs and dynamics of Lagos State. Secondly, and perhaps more significantly, it goes beyond just nurturing startups by actively encouraging innovation within large companies and small businesses alike,” he said.
The Commissioner emphasized that the bill’s inclusive nature is a strategic move to create a vibrant and interconnected innovation ecosystem, where startups and established players can collaborate, learn from each other, and drive collective growth.
To incentivize large corporations to actively participate in this ecosystem, the bill proposes a range of measures, including tax incentives, fee waivers, advocacy support, patent assistance, and incentives for driving research and development initiatives within universities.
“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,” he explained.
He also said the Lagos State Science Research and Innovation Council (LASRIC), which is mandated to drive the innovation index of the State including research and development in the state, would rely on the Innovation Bill to further boost technology innovation in the state.
He noted that LASRIC had, over the last three years, funded over 60 technology startup companies and distributed over N800 million in grants to startups and universities for research and development, and secured one patent for an original invention of a digital solution at the University of Lagos.
During the stakeholder engagement forum to deliberate on the proposed Lagos Innovation Bill, the Chief Executive Officer of the Eko Innovation Centre, Victor Afolabi, in his welcome address, emphasized the significance of the stakeholder engagement as a co-creation event, where collective deliberation would shape the regulatory incentives and create an inclusive innovation ecosystem.
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