The Lagos State government is doubling down on its efforts to nurture the region’s burgeoning startup ecosystem. In a major announcement, Governor Babajide Sanwo-Olu revealed that the state has allocated ₦1 billion in seed funding to support innovative startups through the Lagos State Science, Research, and Innovation Council (LASRIC).
The news came during the inauguration of LASRIC’s newly reconstituted members, underscoring the administration’s commitment to positioning Lagos as a leading hub for entrepreneurship and technological advancement on the African continent.
“Lagos’s startup ecosystem is outpacing many other African cities in terms of success metrics, foreign direct investment, and the number of innovative solutions and patents,” Sanwo-Olu stated, highlighting the city’s growing reputation as a hotbed for early-stage and unicorn startups alike.
LASRIC, a council comprising experts from industry, academia, and the public sector, has been instrumental in driving science and tech initiatives in alignment with the administration’s THEMES Agenda. Over the past four years, the council has created over 500 jobs by supporting startups in sectors such as AgriTech, circular economy, climate change, and construction tech. Additionally, LASRIC has backed over 70 research and development initiatives, boosting innovation in Lagos by over 250%.
To streamline the process of evaluating tech companies applying for seed funding, Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a new assessment system called “POEM.”
As Lagos continues to cement its position as a leading startup hub in Africa, this ₦1 billion injection is set to catalyze further innovation and entrepreneurship, fostering an ecosystem that nurtures game-changing ideas and propels the city’s tech industry to new heights.
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