Lagos State Governor, Babajide Sanwo-Olu, has announced the disbursement of over N500 million to 40 tech startups. The governor revealed this during his 2024 budget presentation to the House of Assembly. The funds, distributed through the Lagos State Science Research and Innovation Council (LASRIC), aim to propel these startups to scale.
Sanwo-Olu highlighted the positive impact of these investments, citing the emergence of solutions such as LagRide, a concept originating from a startup that secured second place in the State’s inaugural Transportation Hackathon challenge in 2019.
Governor Sanwo-Olu’s initiatives unveiled
In his budget speech, Governor Sanwo-Olu underscored the achievements of his administration across various sectors of the state’s economy, stating:
“Utilizing the Lagos State Science Research and Innovation Council (LASRIC), we’ve allocated over half a billion naira to support 40-plus innovative startups in Lagos. LagRide originated from a startup securing second place in our inaugural Transportation Hackathon challenge in 2019.
“The Lagos Cowry Card, akin to the UK’s Oyster card, applicable on BRT, Ferry, and Train services, was created by Touch and Pay Technologies, a startup led by young entrepreneurs.”
In addition to the statements above, he noted that the government empowered more than 350 young tech entrepreneurs through the Lagos Innovates Voucher Program, offering benefits such as electricity, internet services, and more through partner hubs.
Read More: A chat with Segun Adeyemo about SAVA and pioneering growth as a service for African startups
Empowering startups: Lagos state’s strategic tech initiatives unveiled
While Lagos holds the distinction of being the startup hub of Africa, hosting some of the continent’s most prominent and successful startups, the state government is actively fostering the emergence of more triumphs through its Startup Lagos Initiative.
“Startup Lagos is our government-run Information Portal for the Startup ecosystem, serving as an Investor exchange point for Startups, as well as a source of important news events and opportunities for both investors and innovators. Currently, we have a database of more than 3,000 Startups on the Portal,” the Governor stated.
Speaking of technological investments, the Governor elaborated on his government’s strides in connectivity, disclosing that over 100 public schools, hospitals, offices, and other facilities have been linked to a fibre network through the ongoing Metro Fibre Project.
This initiative aims to deploy 6,000km of fibre-optic cabling across the metropolis, with the first phase, covering 3,000km, nearing completion at 2,900km deployed. He further announced that the second phase of the project is set to commence in 2024.
Technological initiatives for enhanced security and governance
In a recent statement, Governor Sanwo-Olu highlighted the successful deployment of various technology initiatives in Lagos. These include the Live Camera Update (LCU) Project, Automatic Number Plate Recognition (ANPR) Cameras, the Command and Control Centre for State Waterways (Search and Rescue), and the Lagos Rail Mass Transit Project. These advancements aim to bolster security measures, ensure proactive responses to traffic issues, and facilitate swift mobilization to accident scenes.
A notable addition is the “Digital Cabinet Dashboard,” an advanced application in the final stages of development. This comprehensive tool digitizes public data for government decision-makers, involving information ranging from road incidents to hospital bed usage within General Hospitals. The Governor emphasized that this dashboard, having successfully undergone beta testing, will enable more robust and informed decision-making at all times.
Read More: Nasir El-Rufai unveils $100 million venture capital fund for Nigerian startups
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