Between 70 and 80 percent of Nigeria’s innovation funding is directed towards Lagos State, according to Olatubosun Alake, the Commissioner for Innovation, Science, and Technology. This revelation was made during a stakeholder engagement forum at the Eko Innovation Centre, focused on deliberating the proposed Lagos Innovation Bill.
At the event, Commissioner Alake highlighted Lagos State’s pivotal role in attracting innovation investment, not just within Nigeria but across Africa. He underscored the necessity of a strong policy framework to ensure ongoing investment in innovation, propelling Lagos to the forefront of the digital revolution.
“Establishing a robust policy framework is crucial as it can either encourage or discourage continuous innovation investment in the state. Today’s engagement aligns with our goal to drive an innovation policy framework,” Alake stated.
The proposed legislation aims to solidify Lagos’s position as Nigeria’s innovation hub. Commissioner Alake outlined various initiatives and projects by the Ministry designed to lead Lagos into the digital age.
The Lagos Innovation Bill, if passed, would empower the state government to implement policies fostering technology development. The bill proposes creating incentive packages for technology companies registered in Lagos, thus supporting their growth and enhancing the state’s technological advancement.
Elaborating on the bill, Alake explained that the Lagos Innovation Policy seeks to stimulate economic growth and foster synergies between corporations and startups.
“The Lagos Innovation Bill has a dual approach. Firstly, it adapts the federal government’s Startup Act to fit the unique context of Lagos State. Secondly, it goes beyond supporting startups by also encouraging innovation within larger companies and small businesses,” he noted.
The bill’s inclusive approach is strategic, aiming to create a vibrant, interconnected innovation ecosystem where startups and established businesses collaborate, share knowledge, and drive collective growth.
To encourage large corporations to join this ecosystem, the bill suggests various incentives, including tax breaks, fee waivers, advocacy support, patent assistance, and incentives for research and development initiatives within universities.
“Imagine a scenario where a startup’s innovative solution is adopted and supported by major corporations like MTN or Airtel, or where our universities foster a thriving entrepreneurial culture, spinning off new companies annually with the support of industry giants. This is the future we aim to achieve with the Lagos Innovation Bill,” Alake explained.
The Commissioner also highlighted the role of the Lagos State Science Research and Innovation Council (LASRIC) in enhancing the state’s innovation index, including research and development. Over the past three years, LASRIC has funded more than 60 technology startups and distributed over N800 million in grants to startups and universities for research and development, securing a patent for a digital solution from the University of Lagos.
Victor Afolabi, CEO of the Eko Innovation Centre, in his welcome address, emphasized the importance of stakeholder engagement as a co-creation event. He stressed that collective deliberation would shape regulatory incentives and create an inclusive innovation ecosystem.
Through the Lagos Innovation Bill, Lagos State aims to continue its leadership in attracting and nurturing innovation, driving economic growth, and establishing itself as a key player in Africa’s digital future.
